Gas Inventory
US EIA says natural gas stocks fall by 261 bln cubic feet in wk ended Feb 21
This story was originally published at 13:14 IST on 28 February 2025
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MUMBAI – Natural gas inventory in the US fell by 261 billion cubic feet in the week ended Feb. 21, according to data from the US Energy Information Administration. The inventory was 11.5% lower than the five-year average for this time of the year, the agency said in its weekly report.
The agency pegged the total gas in underground storage at 1.84 trillion cubic feet as of Feb. 21, 23.4% lower than 2.40 trillion cubic feet a year ago. The stocks were 238 billion cubic feet less than the five-year average of 2.08 trillion cubic feet, according to the report.
Total working gas remained within the five-year historical range. 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 consumption of natural gas in the US fell 15.9 billion cubic feet per day, or 13.7%, to 100.1 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 27% 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 5.7 billion cubic feet per day for the remainder of the withdrawal season, the total inventory would be 1.62 billion cubic feet on Mar. 31, which is 238 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 decreased by 2 to 99 in the week ended Feb. 18, energy services firm Baker Hughes said in a weekly report.
A total of 29 liquefied natural gas vessels, with a combined carrying capacity of 108 billion cubic feet, departed the US between Feb. 20 and Feb. 26, according to shipping data provided by Bloomberg Finance LP.
Average natural gas deliveries to US LNG export terminals rose 300 million cubic feet per day last week to 16.4 billion cubic feet per day. At 1243 IST, the most active March contract of natural gas on the New York Mercantile Exchange was at $3.94 per million British thermal units, up 0.2% from Thursday's close. End
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Reported by Sandeep Sinha
Edited by Tanima Banerjee
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