Natural Gas Storage: -177 Bcf

The first major withdrawal of the season cuts into the five-year surplus.

The U.S. Energy Information Administration reported a weekly withdrawal of 177 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending December 5, 2025 (Link).  Total inventories now stand at 3,746 Bcf, 28 Bcf (0.7%) below year-ago levels and 103 Bcf (2.8%) above the 2020-2024 average for the same week. 

Storage inventories posted the first notable withdrawal of the season last week, with the EIA reporting a 177-Bcf draw for the week ended December 5. The draw came in modestly larger than the corresponding week in 2024 and significantly outpaced the five-year average, which showed a draw of just 89 Bcf. As a result, the surplus to the five-year average was trimmed by 88 Bcf, falling from 191 Bcf to 103 Bcf. Based on early projections for the next two reports, inventories are likely to fall into a deficit relative to the five-year average before the end of the month.