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Stronger demand seen driving up natural gas storage withdrawals

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Stronger demand seen driving up natural gas storage withdrawals

The natural gas inventory report to be released at 10:30 a.m. ET on March 15 by the U.S. Energy Information Administration is expected to show a ramp-up in the rate of storage erosion for the week to March 9.

Market analysts and experts surveyed are calling for a storage withdrawal of 96 Bcf to 103 Bcf, with a consensus pegged at a 100-Bcf pull. The latest figure will be well above the 57-Bcf withdrawal reported the previous week as well as above both the 55-Bcf year-ago withdrawal and the 97-Bcf five-year average pull.

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The 57-Bcf pull reported for the week ended March 2 brought total U.S. working gas supply to 1,625 Bcf, or 680 Bcf less than last year at this time and 300 Bcf below the five-year average of 1,925 Bcf.

Degree day data from the National Oceanic and Atmospheric Administration shows that for the week to March 10 there were 16.1% more heating degree days than last year and 2.5% fewer than normal.

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A withdrawal at consensus would drive the total working gas inventory to 1,525 Bcf, widen the year-on-year deficit to 725 Bcf and extend the year-on-five-year-average deficit to 303 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.