Natural Gas Storage: -116 Bcf

Storage draw flips inventories to a deficit to year-ago levels.

The U.S. Energy Information Administration reported a weekly withdrawal of 116 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending December 27, 2024 (Link).  Total inventories now stand at 3,413 Bcf, 67 Bcf (1.9%) below year-ago levels and 154 Bcf (4.7%) above the 2019-2023 average for the same week. 

Natural gas stocks declined by 116 Bcf during the final full week of 2024. This withdrawal came in dramatically higher than the 38-Bcf pull from storage reported during the same week in 2024, which was especially mild across the country. As a result, inventories are now at a deficit to year-ago levels for the first time since January 2023. The draw also came in stronger than the five-year average of 104 Bcf, reducing the surplus to that benchmark.