U.S. Natural Gas Storage Sees 66 Bcf Decrease

Mild Weather and Production Recovery Expected to Drive Below-Average Withdrawal from US Natural Gas Inventories

Last week’s weather conditions and production rebound have led to expectations of a below-average withdrawal from US natural gas inventories. The first half of February experienced mild temperatures, thus limiting heating demand. Additionally, production has recovered from the weather-related losses seen in January. According to a Wall Street Journal survey of 10 analysts, brokers, and traders, natural gas in underground storage is estimated to have decreased by 66 billion cubic feet (Bcf) in the week ended February 16, reaching a total of 2,469 Bcf. This withdrawal would be smaller than the five-year average of 168 Bcf for the same week.