Market Highlights:
Natural gas storage
Net storage withdrawals totaled 52 Bcf for the week ending February 20, compared with the five-year (2021–2025) average net withdrawals of 168 Bcf and last year’s net withdrawals of 252 Bcf during the same week. Working natural gas stocks totaled 2,018 Bcf as of February 20, according to EIA estimates. Stocks were 7 Bcf (less than 1%) lower than the five-year average and 141 Bcf (8%) more than last year at this time. The average rate of storage withdrawals is 10% higher than the five-year average so far in the withdrawal season (November through March). If the rate of storage withdrawals matches the five-year average of 5.3 Bcf/d for the remainder of the withdrawal season, the total inventory would be 1,811 Bcf on March 31, which is 7 Bcf lower than the five-year average of 1,818 Bcf for that time of year.
Natural gas prices
The Henry Hub spot price rose 3 cents from $2.98 per million British thermal units (MMBtu) last Wednesday to $3.01/MMBtu yesterday. Henry Hub prices have averaged $3.66/MMBtu so far this February, $3.98/MMBtu lower than last month’s average price. Total U.S. demand for natural gas increased slightly this week by 9.7 Bcf/d following a 15.8 Bcf/d decrease last week, according to LSEG Data. Colder temperatures in the western United States moderated into warmer weather across Midwest and eastern states.
Liquefied Natural Gas (LNG)
For the week ending February 25: The LNG-carrying capacity of vessels departing U.S. ports was 135 Bcf, up 5 Bcf from the previous week. Thirty-five LNG vessels left U.S. ports, up one vessel from the previous week. Nine vessels departed from Sabine Pass, seven from Corpus Christi, six from Plaquemines, four each from Cameron and Freeport, three from Calcasieu Pass, and one each from Cove Point and Elba Island.