The US Energy Information Administration today reported the US natural gas stocks fell by a total of 80 billion cubic feet, lower than the drawdown of 82-86 billion cubic feet that analysts had expected. Natural gas prices responded by falling nearly -1.75% to about $2.26/thousand cubic feet.
The EIA reported that US working stocks of natural gas totaled 2.43 trillion cubic feet, about 792 billion cubic feet higher than the five-year average of 1.64 trillion cubic feet. Working gas in storage totaled 1.69 trillion cubic feet for the same period a year ago.
Natural gas spot prices averaged $2.50/thousand cubic feet in February, substantially lower than the $2.67/thousand cubic feet price in January. Warmer winter temperatures, which have kept natural gas prices under pressure, are expected to continue through March. April is typically a low-demand time for natural gas, as demand for heating falls and demand for air conditioning has not started.
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