The US Energy Information Administration today reported the US natural gas stocks fell by a total of 127 billion cubic feet, higher than the drawdown of 120 billion cubic feet that analysts had expected. Natural gas prices responded by rising nearly 1.5% to about $2.47/thousand cubic feet.
The EIA reported that US working stocks of natural gas totaled 2.76 trillion cubic feet, about 765 billion cubic feet higher than the five-year average of 1.99 trillion cubic feet. Working gas in storage totaled 1.94 trillion cubic feet for the same period a year ago.
Natural gas spot prices averaged $2.68/thousand cubic feet in January, their lowest level in 10-years excepting the Labor Day weekend in 2009. At the current rate, the average could be even lower in February as unusually warm winter weather continues in the US.
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