Natural Gas Storage: -14 Bcf

Brief cold snap leads to the first net withdrawal of the winter season.

The U.S. Energy Information Administration reported a weekly withdrawal of 14 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending November 14, 2025 (Link).  Total inventories now stand at 3,946 Bcf, 23 Bcf (0.6%) below year-ago levels and 146 Bcf (3.8%) above the 2020-2024 average for the same week. 

Storage inventories declined during the second week of November, as an early-week cold snap drove a spike in domestic demand that was strong enough to swing the pendulum to a net withdrawal. The 14-Bcf draw stood in contrast with net builds in the year-ago and five-year average benchmarks, widening the slight deficit to the former, while narrowing the surplus to the latter marker. This draw combined with cooler revisions to forecasts for the final week of the month, all but officially closes the door on any hope that inventories would eclipse the 4-Tcf level.