The U.S. Energy Information Administration reported a net 78-Bcf withdrawal from natural gas inventories in the Lower 48 during the week ended Feb. 23 that was slightly higher than expectations and mixed against historical averages.
The market consensus ahead of the report's release called for a 75-Bcf drawdown from stocks, against respective year-ago and five-year average withdrawals of 7 Bcf and 118 Bcf.
The pull brought total U.S. working gas supply to 1,682 Bcf, or 680 Bcf below the year-ago level and 372 Bcf below the five-year average storage level of 2,054 Bcf.
A delay in the release of the storage figure prompted April natural gas futures to jump to a $2.731/MMBtu high. The market trimmed gains upon the release of the figure and was last seen 0.8 cent higher at $2.675/MMBtu.
In the East, inventories were down 21 Bcf on the week at 382 Bcf, or 9.7% below the year-ago level. Storage levels in the Midwest were down 30 Bcf at 398 Bcf, or 34.6% below the year-ago level. In the Mountain region, storage levels were down 9 Bcf on the week at 102 Bcf, or 30.1% below the year-ago level, while in the Pacific region, storage levels were down 15 Bcf at 189 Bcf, or 7.8% below the year-ago level. In the South Central region, where storage levels were down 3 Bcf on the week, stocks are at a deficit of 37.6% to a year earlier.
Working gas stocks in the South Central region totaled 611 Bcf, with 183 Bcf in salt cavern facilities and 429 Bcf in non-salt cavern facilities. Working gas stocks were up 8 Bcf in salt cavern facilities and down 11 Bcf in non-salt cavern facilities since the previous week.
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