Natural gas storage drops on winter weather. (Source: Shutterstock)
U.S. natural gas storage levels decreased by 4 Bcf for the week ending Nov. 15, the U.S. Energy Information Administration (EIA) said in its weekly report.
The drop, announced by the EIA on Nov. 21, was the first since a blip in the summer and the first for the fall season, a week earlier than in a market survey conducted by The Desk.
Gas in storage amounts to approximately 3.97 Tcf and remains outside of the EIA’s five-year high and low range. Last year’s storage level at this time was 3.83 Tcf.
Natural gas prices continued a rally that began at the end of October. On Nov. 19, the Henry Hub front month futures price surged past $3/MMBtu for the first time since May. Mid-day Henry Hub prices on Nov. 21 were trading at $3.44/MMBtu, a high for 2024.
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