Natural Gas Inventories Fall

The US Energy Information Administration just released natural gas inventory data for last week. Natural gas stocks have dropped by 76 billion cubic feet compared with the previous week.

For the year, stocks are 356 billion cubic feet higher than a year ago and 458 billion cubic feet higher than the five-year average. The total working gas in storage is 3.47 trillion cubic feet, well above the historical five-year range.

Natural gas futures are down more than -2%, at about $3.02/thousand cubic feet. Today’s report could send prices below $3/cubic foot, a level that natural gas hit last week for the first time in more than two years.