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Natural gas storage pull seen below averages

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Natural gas storage pull seen below averages

The natural gas inventory report to be released at 10:30 a.m. ET on Feb. 8 by the U.S. Energy Information Administration is expected to show a storage withdrawal below the year-ago and five-year averages.

Market analysts and experts surveyed are calling for a storage withdrawal for the week ended Feb. 2 from 99 Bcf to 129 Bcf, with a consensus pegged at a 115-Bcf pull. The latest figure will compare to the 142-Bcf year-ago withdrawal and the 151-Bcf five-year average pull.

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For the week ended Jan. 26, the EIA reported a net 99-Bcf was pulled from natural gas inventories in the Lower 48 that was below market expectations and the five-year average withdrawal of 160 Bcf but was above the 92-Bcf withdrawal reported for the corresponding week a year earlier.

The 99-Bcf pull brought total U.S. working gas supply to 2,197 Bcf, or 526 Bcf below the year-ago level and 425 Bcf below the five-year average storage level of 2,622 Bcf.

Weather is expected to have contributed to the anticipated storage withdrawal as degree day data from the National Oceanic and Atmospheric Administration for the review week ended Feb. 3 shows heating degree days were 12.0% fewer than normal for the period.

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A withdrawal at the consensus would drive the total working gas inventory to 2,082 Bcf and would trim the year-on-year deficit to 499 Bcf and cut the year-on-five-year-average deficit to 389 Bcf.

Market prices and included industry data are current as of the time of publication and are subject to change. For more detailed market data, including power, natural gas index prices, as well as forwards and futures, visit our Commodities Pages.