Natural Gas Storage: -80 Bcf

Warmer weather and stronger production leads to the lightest storage draw in two months.

The U.S. Energy Information Administration reported a weekly withdrawal of 80 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending February 28, 2025 (Link).  Total inventories now stand at 1,760 Bcf, 585 Bcf (24.9%) below year-ago levels and 224 Bcf (11.3%) below the 2020-2024 average for the same week. 

Today’s government report showed a net withdrawal of 80 Bcf during the week ended February 28. This is the smallest deduction from U.S. inventories since the week ended January 3 and reflects much warmer weather conditions across the U.S. as well as stronger domestic production. While the draw was relatively light compared to most weeks this winter, it still worked to widen the deficit to year-ago levels, as the same week in 2024 saw a withdrawal of just 56 Bcf. With 3-4 weeks of withdrawals still remaining, inventories are already nearly 500 Bcf below last winter’s storage bottom. Storage levels did gain a bit of ground on the five-year average, which declined by 94 Bcf during the same week.