Here are the latest details from the U.S. Energy Information Administration regarding natural gas inventories for the past week.
Working gas in storage was 2,891 Bcf as of Friday, December 30, 2022, according to EIA estimates. This represents a net decrease of 221 Bcf from the previous week. Stocks were 308 Bcf less than last year at this time and 208 Bcf below the five-year average of 3,099 Bcf. At 2,891 Bcf, total working gas is within the five-year historical range.
Due to warmer-than-normal weather, benchmark US natural gas prices fell to their lowest level in nearly a year on Thursday. On January 5, the US Energy Information Administration announced another massive drawdown from domestic natural gas storage in late December, in a report that was still lagging behind market expectations.
Following the release of the NG report, the EIA's disappointing storage data fuelled more than 8% drop in February gas prices to $3.50, the prompt-month contract's lowest in 12 months, according to CME Group and S&P Global Commodity Insights data.