EIA: Natural gas in storage drops 359 bcf for week ended Jan. 5

Natural gas in underground storage across the Lower 48 was 2.767 tcf for the week ended Jan. 5, down 359 bcf from the previous week, the US Energy Information Administration estimated.

Natural gas in underground storage across the Lower 48 was 2.767 tcf for the week ended Jan. 5, down 359 bcf from the previous week, the US Energy Information Administration estimated.

Storage was 415 bcf less than for the same week last year and 382 bcf below the 5-year average of 3.149 tcf.

Analysts had expected a storage withdrawal of about 318 bcf. The 5-year average for this time of year is a withdrawal of 170 bcf.

EIA said the current storage level puts total working gas within the 5-year historical range. Analysts attributed the last draw to winter weather.

Frigid conditions for 2 weeks in the US Northeast have given way to moderate temperatures until at least Jan. 13-14 when colder weather is forecast again.

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