Here are the latest details from the U.S. Energy Information Administration regarding natural gas inventories for the past week.
The price of natural gas futures dropped despite extreme weather and a tightening supply caused by political and other disruptions to Russian gas production in the wake of the Ukraine invasion. Unusually mild temperatures in January and February have been blamed for the shift, which has resulted in an abundance of heating fuel in the U.S. and European markets.
Working gas in storage was 2,902 Bcf as of Friday, January 6, 2023, according to EIA estimates. This represents a net increase of 11 Bcf from the previous week. Stocks were 140 Bcf less than last year at this time and 40 Bcf below the five-year average of 2,942 Bcf. At 2,902 Bcf, total working gas is within the five-year historical range.
Despite the U.S. government reporting an unusual weekly increase in heating fuel stockpiles, natural gas futures stayed above the important $3.50 support level on Thursday.