US natural gas in storage decreased 78 Bcf to 1.682 Tcf in the week ended February 23, the US Energy Information Administration reported Thursday.
The withdrawal was slightly less than an S&P Global Platts' survey of analysts, who called for a 79-Bcf withdrawal. Responses to the survey ranged for a withdrawal of 72-86 Bcf.
The pull was much more than the 7-Bcf withdrawal reported during the corresponding week in 2017 but less than the five-year average pull of 118 Bcf, according to EIA data.
As a result, stocks were 680 Bcf, or 28.8%, less than the year-ago level of 2.362 Tcf and 372 Bcf, or 18.1%, less than the five-year average of 2.054 Tcf.
The NYMEX April natural gas futures climbed 3.7 cents to $2.704/MMBtu in the minutes following the 10:30 am EST storage announcement.
The EIA reported a 21-Bcf withdrawal in the East to 382 Bcf, compared with 423 Bcf a year ago; a 30-Bcf pull in the Midwest to 398 Bcf, compared with 609 Bcf a year ago; a 9-Bcf draw in the Mountain region to 102 Bcf compared with 146 Bcf a year ago; a 15-Bcf withdrawal in the Pacific to 189 Bcf, compared to 205 Bcf a year ago; and a 3-Bcf withdrawal in the South Central region to 611 Bcf, compared to 979 Bcf a year ago.
Total inventories are now 31 Bcf less than the five-year average of 413 Bcf in the East, 90 Bcf less than the five-year average of 488 Bcf in the Midwest, 31 Bcf less than the five-year average of 133 Bcf in the Mountain region, 35 Bcf less than the five-year average of 224 Bcf in the Pacific, and 184 Bcf less than the five-year average of 795 Bcf in the South Central region.
