The US Energy Information Administration today reported the US natural gas stocks fell by a total of 82 billion cubic feet, lower than the drawdown of 90-94 billion cubic feet that analysts had expected. Natural gas prices responded by falling nearly -5% to about $2.58/thousand cubic feet.
The EIA reported that US working stocks of natural gas totaled 2.51 trillion cubic feet, about 780 billion cubic feet higher than the five-year average of 1.73 trillion cubic feet. Working gas in storage totaled 1.76 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. Warmer winter temperatures, which have kept natural gas prices under pressure, are expected to continue through March. April is typically a low-demand time for natural gas, as demand for heating falls and demand for air conditioning has not started.
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