US Supply Falls Lower Than Expected, Price Drops

The US Energy Information Administration reported that the country’s natural gas supply for the week ending February 20 has declined by 219 billion cubic feet from the previous week. The total supply of working gas in storage now sits at 1,938 billion cubic feet. MarketWatch shows April natural gas was -5.77 percent at $2.70 per million British thermal units, down 17 cents as of 12:30 p.m EST.

As quoted in the market news:

Stocks were 576 Bcf higher than last year at this time and 30 Bcf below the 5-year average of 1,968 Bcf. In the East Region, stocks were 85 Bcf below the 5-year average following net withdrawals of 141 Bcf. Stocks in the Producing Region were 14 Bcf below the 5-year average of 738 Bcf after a net withdrawal of 74 Bcf. Stocks in the West Region were 69 Bcf above the 5-year average after a net drawdown of 4 Bcf. At 1,938 Bcf, total working gas is within the 5-year historical range.

Click here to read the full US Energy Information Administration report.