Natural gas demand comes in slightly higher than usual, despite warming weather, in the Energy Information Administration’s weekly report. (Source: Shutterstock)
The amount of natural gas in storage in the U.S. fell by 62 Bcf during the week ending March 7, beating market expectations by 35%, according to the weekly report from the U.S. Energy Information Administration (EIA).
Taking warming weather trends under account, traders and analysts had forecast a withdrawal of 46 Bcf from the Lower 48 states, according to an analysis from East Daley Analytics.
The total amount in storage was 1.698 Tcf, 230 Bcf below the EIA’s five-year average. The amount of natural gas in storage tends to halt its decline in March and April and begin rising over the late spring months.
After the EIA released its report on March 13, gas prices halted a two-day decline at the Henry Hub. After dipping below $4/MMBtu at the Henry Hub, prices were at $4.15/MMBtu during mid-day trading.
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