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U.S. natural gas storage withdrawals for the week ending Jan. 17 missed expectations by almost 20 Bcf, according to the U.S. Energy Information Administration’s weekly report.
Natural gas prices had reached above $4.02/MMBtu for front-month futures at the Henry Hub but fell to $3.90/MMBtu within an hour of the report’s release on Jan. 23.
The EIA reported the U.S. had 2.892 Tcf in storage on Jan. 17, a drop of 223 Bcf from the week before. The amount in storage was just 21 Bcf more than the EIA’s five-year average.
Analysts had forecast a withdrawal of 242 Bcf.
The report did not reflect withdrawals from Winter Storm Enzo, which hit the U.S. beginning Jan. 19. The storm caused power demand to increase greatly, with some utilities resorting to burning oil to generate electricity.
A larger storage drop is expected next week, according to a recent report by East Daley Analytics.
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