Today’s natural gas inventory report put the storage levels down by 209 Bcf for the week ended 12/16/2016, according to EIA’s Weekly Natural Gas Storage Report. This was roughly in line with expectations of a 204 Bcf draw.
Current gas stocks currently stand at 3,597 Bcf, 5.9% below stocks a year ago and roughly in line with the five year average of 3,519 Bcf.
Natural Gas Inventory Draws Down, Prices Stay Near Highs
The difference between gas inventories and their five-year averages has continued to decline over the past few months. Higher inventory draws could provide upward pressure to Henry Hub pricing. Rising oil and natural gas rig counts could indicate a coming supply response.
Natural gas prices hovered near the year highs, closing Jan. 22 at $3.535 per Mcf.
