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.