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The amount of natural gas in U.S. storage continued falling at the end of January, at a rate slightly higher than market predictions, according to a report from the U.S. Energy Information Administration.
Storage levels fell by 174 Bcf over the week ending Jan 31, the EIA reported Feb. 6. The market had predicted a 167 Bcf withdrawal. The total amount of natural gas stored in the Lower 48 is 2.397 Tcf, which is 111 Bcf lower than the EIA’s five-year average for this time of year.
An hour after the EIA released the report, the Henry Hub front-month futures price hit a rare dead-even mark at $3.36/MMBtu, the same as at the start of the day’s trading.
East Daley Analytics forecasted on Jan. 6 that the natural gas storage levels are likely to remain below the EIA’s five-year average for the remainder of 2025, as demand increases for LNG production.
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