Natural Gas Storage: -62 Bcf

Draw comes in larger than expected leading futures to rebound.

The U.S. Energy Information Administration reported a weekly withdrawal of 62 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending March 7, 2025 (Link).  Total inventories now stand at 1,698 Bcf, 628 Bcf (27.0%) below year-ago levels and 230 Bcf (11.9%) below the 2020-2024 average for the same week. 

Natural gas storage inventories declined by 62 Bcf during the first week of March, according to this morning’s government report. Inventories as of March 7 were below 1.7 Tcf for the first time since spring 2022. The draw for the same week in 2024 was just 19 Bcf, meaning that the deficit to year-ago levels was expanded even further. At 628 Bcf, the current deficit to year-ago storage is the widest since 2018. Inventories were on par with year-ago levels as recently as January 3 before weekly withdrawals began severely outpacing 2024. Last week’s draw also eclipsed the five-year average, but at a more modest rate, widening that deficit back to 230 Bcf.