Natural Gas Storage: -261 Bcf

Last week's major cold snap yielded the second largest storage draw of the season.

The U.S. Energy Information Administration reported a weekly withdrawal of 261 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending February 21, 2025 (Link).  Total inventories now stand at 1,840 Bcf, 561 Bcf (23.4%) below year-ago levels and 238 Bcf (11.5%) below the 2020-2024 average for the same week. 

The 261-Bcf storage draw announced in this morning’s EIA report is the second largest of the season so far and expanded the deficit to both last year and the five-year average. Inventories are now more than 550 Bcf behind year-ago levels, which is the widest deficit to that benchmark since September 2021, while the 238-Bcf deficit to the five-year average is the largest since September 2022. Inventories have been drawn down by nearly 2,100 Bcf since the start of winter, which is more than 600 Bcf stronger than the drawdown during the same period in the previous winter season.