EIA Report
US natural gas stocks decline by 100 billion cubic feet in week ended Feb 7
This story was originally published at 14:22 IST on 14 February 2025
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MUMBAI – Natural gas inventory in the US fell by 100 billion cubic feet in the week ended Feb. 7, according to data from the US Energy Information Administration. The inventory was 2.4% lower than the five-year average for this time of the year, the agency said in its weekly report.
The agenct pegged total gas in underground storage at 2.30 trillion cubic feet as of Feb. 7, 9.7% lower than 2.40 trillion cubic feet a year ago. The stocks were 67 billion cubic feet less than the five-year average of 2.55 trillion cubic feet, according to the report.
Total working gas remained within the five-year historical range. The East, Mid-west, Mountain, Pacific, and Non-Salt south-central regions saw a decline in stocks, while the Salt south-central region of the US saw a rise in stocks, according to the release.
Total consumption of natural gas by the US rose by 10 billion cubic feet per day, or 10.6%, to 104.3 billion cubic feet compared to the previous week, according to data from S&P Global Commodity Insights.
The average rate of withdrawals from storage is 20% 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 9.7 billion cubic feet per day for the remainder of the withdrawal season, the total inventory would be 1.79 billion cubic feet on Mar. 31, which is 67 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 two to 100 in the week to Feb. 4, energy services firm Baker Hughes said in a weekly report.
A total of 30 liquefied natural gas vessels, with a combined carrying capacity of 114 billion cubic feet, departed the US between Feb. 6 and Feb. 12, according to shipping data provided by Bloomberg Finance LP.
Average natural gas deliveries to US LNG export terminals rose by 0.5 billion cubic feet per day last week to 15.7 billion cubic feet per day. At 1356 IST, the most active March contract of natural gas on the New York Mercantile Exchange was at $3.70 per million British thermal unit, up 2% from Thursday's close. End
US$1 = INR 86.84
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Reported by Sandeep Sinha
Edited by Avishek Dutta
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