Natural Gas Storage: -223 Bcf

Storage draw comes in light compared to market expectations and year-ago pull.

The U.S. Energy Information Administration reported a weekly withdrawal of 223 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending January 17, 2025 (Link).  Total inventories now stand at 2,892 Bcf, 57 Bcf (1.9%) below year-ago levels and 21 Bcf (0.7%) above the 2019-2023 average for the same week. 

Natural gas inventories posted a net decline of 223 Bcf during the week ended January 17. The draw came in lower than the 277-Bcf reported for the same week in 2024, allowing stocks to gain back some of the deficit to year-ago levels, while the surplus to the five-year average was reduced to its lowest level since early 2023. Temperatures were colder than normal during the report week, but the cold was not as intense as the previous week, or especially the following week, which is expected to show a much larger storage deduction.