The EIA released its weekly Natural Gas Storage Report today, outlining how national natural gas stocks have changed in the last week.
In total, the EIA reports natural gas stocks fell by 18 Bcf last week, dropping from 1,299 Bcf to 1,281 Bcf. This is 41.2% below the 2,178 Bcf that was in storage at this point last year, and is 29.1% below the five-year average of 1,808 Bcf. This week’s storage draw was in line with expectations, as analysts predicted a draw of 12 Bcf.
Minor increases were seen in gas inventories in several locations this week, as Pacific storage rose by 2 Bcf and Mountain inventories rose by 1 Bcf. The Midwest region showed the only significant decline as stocks in the area fell by 17 Bcf.
Stocks in every region are below the five-year average. Gas in storage in the Midwest region is the farthest below the five-year average for the area, at 42.7% below the average.
