Natural Gas Storage: -360 Bcf
Record-breaking storage draw flips inventories to a deficit to the five-year average.
The U.S. Energy Information Administration reported a weekly withdrawal of 360 billion cubic feet (Bcf) in Lower 48 natural gas storage inventories for the week ending January 30, 2026 (Link). Total inventories now stand at 2,463 Bcf, 41 Bcf (1.7%) above year-ago levels and 27 Bcf (1.1%) below the 2021-2025 average for the same week.
The late-January cold yielded a record storage draw, according to this morning’s government release. The EIA reported a 360-Bcf draw from underground inventories, edging out the previous record by just 1 Bcf. That result came in far stronger than historical benchmarks. The corresponding week in 2025 saw a storage withdrawal of 195 Bcf, while the five-year average for the same week was a 190-Bcf pull. As a result, the surplus relative to each benchmark was eroded dramatically, flipping stocks to a small deficit versus the five-year average and reducing the cushion to year-ago levels to just 41 Bcf.
