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Massive Late-Winter Storage Draw Jolts Natural Gas Futures Higher

Natural Gas Intelligence · last updated

The U.S. Energy Information Administration (EIA) on Thursday reported a 261 Bcf withdrawal of natural gas from storage for the week ended Feb 21. The massive drawdown, while short of median expectations, was enough to send futures higher.

Natural Gas Intelligence's (NGI) U.S. Energy Information Administration natural gas storage chart.

Ahead of the 10:30 a.m. ET report, the April futures contract had reversed its early morning dip, trading up 4.7 cents at $4.006/MMBtu. After the EIA data was released, the contract initially traded down to around $3.980 before bouncing higher. By 11 a.m. ET, it was up 8.3 cents at $4.042.

Prior to the report, estimates submitted to two major polls ranged from withdrawals of 240 Bcf to 287 Bcf, with medians of 265 Bcf and 271 Bcf. NGI modeled a 277 Bcf pull.

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