(Source: Shutterstock.com)
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.
Recommended Reading
Artificial Lift Firm Flowco’s Stock Surges 23% in First-Day Trading
2025-01-17 - Shares for artificial lift specialist Flowco Holdings spiked 23% in their first day of trading. Flowco CEO Joe Bob Edwards told Hart Energy that the durability of artificial lift and production optimization stands out in the OFS space.
Exxon Mobil to Cut Almost 400 Jobs in Wake of Pioneer Acquisition
2024-11-14 - A regulatory filing shows more than 90% of layoffs are at Pioneer’s former headquarters in Irving, Texas with the rest being workers in Midland.
ConocoPhillips Hits Permian, Eagle Ford Records as Marathon Closing Nears
2024-11-01 - ConocoPhillips anticipates closing its $17.1 billion acquisition of Marathon Oil before year-end, adding assets in the Eagle Ford, the Bakken and the Permian Basin.
Geologist James Parr Joins Ring as EVP of Exploration, Geosciences
2024-11-26 - James Parr joins Ring Energy with over 30 years of experience as a petroleum geologist and leader in multiple energy organizations.
Dividends Declared Week of Nov. 4
2024-11-08 - Here is a compilation of dividends declared from select upstream and midstream companies in the week of Nov. 4.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.