The US Energy Information Administration today reported the US natural gas stocks fell by a total of 132 billion cubic feet, somewhat more than the drawdown of 123-127 billion cubic feet that analysts had expected. Natural gas prices responded by rising nearly 3% to $2.45/thousand cubic feet, down about -5% from last week’s price of $2.58/thousand cubic feet.
The EIA reported that US working stocks of natural gas totaled 2.97 trillion cubic feet, about 601 billion cubic feet higher than the five-year average of 2.37 trillion cubic feet. Working gas in storage totaled 2.38 trillion cubic feet for the same period a year ago.
Natural gas spot prices averaged $2.68/thousand cubic feet in January, their lowest level in 10-years, excepting the Labor Day weekend in 2009.
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