Natural Gas Storage: -249 Bcf
Another elevated storage draw pulls inventories back below year-ago levels.
The U.S. Energy Information Administration reported a weekly withdrawal of 249 billion cubic feet (Bcf) in Lower 48 natural gas storage inventories for the week ending February 6, 2026 (Link). Total inventories now stand at 2,214 Bcf, 97 Bcf (4.2%) below year-ago levels and 130 Bcf (5.5%) below the 2021-2025 average for the same week.
Today’s storage report encompassed the end of the widespread cold event, with inventories declining by 249 Bcf during the first week of February. The draw came in much stronger than historical benchmarks, increasing the deficit to the five-year average to 130 Bcf, which is the widest gap in nearly a year. Further, after the surplus to year-ago storage levels surged to 206 Bcf just two weeks prior, stocks have now swung back to a deficit of 97 Bcf, illustrating the wide disparity in market fundamentals compared to the same two-week period in 2025.
