Commodities Buzz: EIA Natural Gas Stocks Down 2.5% On Year

2 Dec 2022 , 11:54 AM

The US Energy Information Administration (EIA) reported an 81 Bcf withdrawal from natural gas storage inventories for the week ending November 25. The total working gas storage fell by 2.5 percent from this time last year or down 2.4 percent from the five-year average, according to the EIAs Weekly Natural Gas Storage Report. The storage of working gas in the United States usually turns to decrease in November and continues to drop in April when heating season ends in the country. The South Central withdrew 19 Bcf, which included a 15 Bcf drop from nonsalt facilities and a 4 Bcf pull from salts. Until Mexico develops storage capability, this is the storage system most readily available to the country. In good news for Mexico, South Central storage has seen injections rise at a clip such that levels now are higher than the five-year average.For the week ended November 25, total working gas in the South Central region stood at 1,181 Bcf, down from 1,187 Bcf for the same time one year ago. The figure was 20 Bcf higher than the average 1,161 Bcf in storage for the same day between 2018-2022.Powered by Commodity Insights