Natural Gas Storage: -321 Bcf

EIA reports the fourth largest weekly storage draw on record.

The U.S. Energy Information Administration reported a weekly withdrawal of 321 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending January 24, 2025 (Link).  Total inventories now stand at 2,571 Bcf, 144 Bcf (5.3%) below year-ago levels and 111 Bcf (4.1%) above the 2020-2024 average for the same week. 

The 321-Bcf withdrawal reported by the EIA this morning is just the fourth weekly pull on record to exceed 300 Bcf and reflects the extreme demand conditions observed during the report week. The magnitude of the withdrawal dwarfed historical benchmarks for the same week, bringing stocks to a significant deficit to both last year and the five-year average. The same week in 2024 recorded a net storage decline of 234 Bcf, while the five-year average for the same week was a draw of just 189 Bcf. Inventories are now at the widest deficit to these historical benchmarks since December 2022.