According to a recent survey, U.S. natural gas inventories are likely to have seen another below-average withdrawal last week. The mild temperatures in February have led to an anticipated decrease of 91 billion cubic feet in underground storage, bringing the total to 2,379 Bcf by the week ended Feb. 23.
Survey Insights and Expectations
Estimates suggest a larger withdrawal compared to the previous week’s 60 Bcf, but still below the five-year average draw for the same period. Stocks from the previous week were recorded at 22.3% above the five-year average, indicating a trend in storage levels.
Future Projections
The U.S. Energy Information Administration has projected that if the current rate of withdrawals continues to match the five-year average, inventories will stand at 2,084 by the end of March, exceeding the average by 451 Bcf.
Upcoming Announcement
The EIA is set to release the storage data for the week ended Feb. 23 on Thursday at 10:30 a.m. EST. Stay tuned for the latest updates on natural gas inventories.
Remember to monitor the market closely for any shifts and developments in this sector.
