Natural Gas Storage: -120 Bcf
Inventories post relatively small decline prior to the onset of extreme cold.
The U.S. Energy Information Administration reported a weekly withdrawal of 120 billion cubic feet (Bcf) in Lower 48 natural gas storage inventories for the week ending January 16, 2026 (Link). Total inventories now stand at 3,065 Bcf, 141 Bcf (4.8%) above year-ago levels and 177 Bcf (6.1%) above the 2021-2025 average for the same week.
Natural gas stocks declined by 120 Bcf during the second full week of the year. The withdrawal came in much lighter than historical benchmarks due to generally mild weather during the report week. Inventories expanded to a 141-Bcf surplus versus year-ago levels, the widest cushion to that benchmark since fall 2024. Just two weeks ago, storage was 123 Bcf below the prior year, but a stretch of unseasonably warm weather—relative to very cold conditions over the same period in 2025—drove a dramatic shift. The withdrawal also fell short of the five-year average for the week, which was 191 Bcf. As a result, inventories are now 177 Bcf above the five-year average, the largest surplus since September.
