Gas Inventory
US natural gas stocks decline by 321 billion cubic feet in week ended Jan 24
This story was originally published at 16:52 IST on 31 January 2025
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MUMBAI – Natural gas inventory in the US fell by 321 billion cubic feet in the week ended Jan. 24, according to data from the US Energy Information Administration. The inventory was 4.1% lower than the five-year average for this time of the year, the agency said in its weekly report.
The US Energy body pegged total gas in underground storage at 2.57 trillion cubic feet as of Jan. 24, 5.3% lower than 2.71 trillion cubic feet a year ago. The stocks were 111 billion cubic feet less than the five-year average of 2.68 trillion cubic feet, according to the report.
The East, Mid-west, Mountain, Pacific, and Salt and Non-Salt south-central regions of the US saw a decline in stocks, according to the release. Total US consumption of natural gas fell by 15.5 billion cubic feet per day, or 12.2%, to 111.7 billion cubic feet compared with the previous week, according to data from S&P Global Commodity Insights.
The average rate of withdrawals from storage is 31% higher than the five-year average so far in the withdrawal season (Nov-Mar). "If the rate of withdrawals from storage matched the five-year average of 12.5 billion cubic feet per day for the remainder of the withdrawal season, the total inventory would be 1.75 billion cubic feet on Mar. 31, which is 111 billion cubic feet lower than the five-year average of 1.86 billion cubic feet for that time of year," the report said.
The number of rigs drilling for natural gas in the US rose by one to 99 rigs for the week to Jan. 21, energy services firm Baker Hughes said in a weekly report.
A total of 24 liquefied natural gas vessels, with a combined carrying capacity of 90 billion cubic feet, departed the US between Jan. 23 and Jan. 29, according to shipping data provided by Bloomberg Finance LP.
Average natural gas deliveries to US LNG export terminals fell 1.1 billion cubic feet per day last week to 13.7 billion cubic feet per day. At 1322 IST, the most active February contract of natural gas on the New York Mercantile Exchange was at $3.06 per million British thermal unit, up 0.5% from Thursday's close. End
US$1 = INR 86.62
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Reported by Sandeep Sinha
Edited by Subhojit Sarkar
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