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Weekly Natural Gas Storage Report for January 27th

Natural Gas
Miguel A. Rodriguez
Miguel A. Rodriguez
27 January 2023

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

Demand for natural gas in the US has been decreasing due to mild winter weather, resulting in an 8% drop in prices on Thursday. This is the lowest gas price seen since April 2021.  

Working gas in storage was 2,729 Bcf as of Friday, January 20, 2023, according to EIA estimates. This represents a net decrease of 91 Bcf from the previous week. Stocks were 107 Bcf higher than last year at this time and 128 Bcf above the five-year average of 2,601 Bcf. At 2,729 Bcf, total working gas is within the five-year historical range. 

In addition to the US gas production increasing, an extended shutdown of a key Texas gas export hub has further resulted in raising US inventories and reduced exports of natural gas to Europe. Natural gas prices fell to $2.81 per million British thermal units, breaking the $3 key threshold from the previous day. 

 

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.