The withdrawal of 196 Bcf beat market expectations of 181 Bcf but was not enough to overcome forecasts of warmer-than-average weather in March. (Source: Shutterstock)
The Lower 48 states took out more natural gas than analysts predicted for the week ending Feb. 14, beating expectations for the fourth week in a row.
The U.S. Energy Information Administration reported a natural gas storage withdrawal of 196 Bcf during the second week of February. The total stored amount fell to 2.101 Tcf.
Storage levels have not been this low since the summer of 2023.
The news failed to keep alive a rally of natural gas prices. Henry Hub front-month futures prices finished the Feb. 20 trading day at $4.17/MMBtu, after hitting $4.28/MMBtu the day before.
The withdrawal of 196 Bcf beat market expectations of 181 Bcf but was not enough to overcome forecasts of warmer-than-average weather in March.
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