Natural Gas Storage: -196 Bcf

Storage withdrawals ramped up amid colder weather last week.

The U.S. Energy Information Administration reported a weekly withdrawal of 196 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending February 14, 2025 (Link).  Total inventories now stand at 2,101 Bcf, 386 Bcf (15.5%) below year-ago levels and 118 Bcf (5.3%) below the 2020-2024 average for the same week. 

Today’s EIA report for the week ended February 14 showed a net withdrawal of 196 Bcf. The draw was much larger than the same week a year prior, which saw a storage deduction of just 58 Bcf and also eclipsed the five-year average pull of 145 Bcf. This continued the trend that has been in place most of the winter of natural gas inventories being reduced at a stronger pace than historical benchmarks. Notably, with roughly six weeks to go in the withdrawal season, inventories as of February 14 were already lower than the absolute storage bottom in 2024 of 2,259 Bcf.