Cold Snap Leads To Biggest U.S. Natural Gas Draw Ever

The freezing temperatures in most of the Eastern U.S. in the week to January 5 led to the biggest ever weekly withdrawal from natural gas storage, data by the U.S. Energy Information Administration (EIA) showed on Thursday. In its Weekly Natural Gas Storage Report, EIA said that in the week to January 5, working gas in storage decreased by 359 billion cubic feet (Bcf) from the previous week. As of January 5, working gas in storage was 2,767 Bcf. Natural gas stocks were 415 Bcf less than at this time last year, and 382 Bcf below the five-year average of 3,149 Bcf. At 2,767 Bcf, total working gas is within the five-year historical range, EIA said. Last week’s draw was the largest weekly withdrawal ever, according to Reuters estimates of government energy data since 1994. The previous record natural gas withdrawal was 288 Bcf in January 2014 when an […]

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