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Weekly Natural Gas Storage Report for February 3rd

Natural Gas
Miguel A. Rodriguez
Miguel A. Rodriguez
03 February 2023

Here are the latest details from the U.S. Energy Information Administration regarding natural gas inventories for the past week.  

Natural gas prices have dropped over the past day, losing 4% in the previous 24 hours and 16% so far this week, trading at $2.55. Working gas in storage was 2,583 Bcf as of Friday, January 27, 2023, according to EIA estimates. This represents a net decrease of 151 Bcf from the previous week.  

Stocks were 222 Bcf higher than last year at this time and 163 Bcf above the five-year average of 2,420 Bcf. At 2,583 Bcf, total working gas is within the five-year historical range. 

The US National Weather Service's prediction of relatively warm weather for most of the nation in the coming week. The higher-than-normal temperatures has resulted in a decrease in the demand for fuel used for heating purposes. Therefore, a decrease in demand and an increase in supply are driving natural gas prices lower. 

 

 

Source: ir.eia.gov. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books. 

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