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Lower 48 gas storage draw exceeds expectations, underperforms average at 48 Bcf

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Lower 48 gas storage draw exceeds expectations, underperforms average at 48 Bcf

Natural gas storage operators withdrew a net 48 Bcf from Lower 48 inventories during the week to Dec. 21, compared to a five-year-average draw of 121 Bcf, the U.S. Energy Information Administration reported.

The draw, slightly higher than the 46-Bcf pull projected by an S&P Global Platts survey, brought total Lower 48 working gas supply to 2,725 Bcf, or 623 Bcf below the year-ago level and 647 Bcf below the five-year average.

By region:

* In the East, inventories were down 16 Bcf on the week at 676 Bcf, 14% below the year-ago level.

* In the Midwest, stockpiles were down 23 Bcf at 818 Bcf, 14% below the year before.

* In the Mountain region, inventories fell 3 Bcf at 150 Bcf, 23% below the year before.

* In the Pacific region, inventories were down 4 Bcf at 223 Bcf, 21% below the year before.

* In the South Central region, stockpiles were down 2 Bcf at 858 Bcf, 24% below the year-ago level.

Of that total, 274 Bcf of gas was in salt cavern facilities and 584 Bcf was in non-salt-cavern facilities. Working gas stocks were up 5% in salt cavern facilities from the previous week and dropped 2.3% in non-salt-cavern facilities.

S&P Global Platts and S&P Global Market Intelligence are owned by S&P Global Inc.