Market Highlights:
Natural gas storage
Net storage withdrawals totaled 132 Bcf for the week ending February 27, compared with the five-year (2021–2025) average net withdrawals of 96 Bcf and last year’s net withdrawals of 106 Bcf during the same week. Working natural gas stocks totaled 1,886 Bcf as of Friday, February 27, according to EIA estimates. Stocks were 43 Bcf (2%) lower than the five-year average and 115 Bcf (6%) more than last year at this time. The average rate of storage withdrawals is 11% higher than the five-year average so far in the withdrawal season (November through March). If the rate of storage withdrawals matched the five-year average of 3.5 Bcf/d for the remainder of the withdrawal season, the total inventory would be 1,775 Bcf on March 31, which is 43 Bcf lower than the five-year average of 1,818 Bcf for that time of year.
Natural gas prices
The Henry Hub spot price fell 12 cents from $3.01/MMBtu last Wednesday to $2.89/MMBtu yesterday. Henry Hub prices hovered near $3.00/MMBtu over the past week, before decreasing yesterday. Total U.S. demand for natural gas decreased by 14.5 Bcf/d this week, led by an 11.0 Bcf/d decrease in the residential and commercial sectors, according to LSEG Data. Warmer temperatures across the western and central United States helped moderate space heating demand compared with last week.
Liquefied Natural Gas (LNG)
For the week ending March 4: The LNG-carrying capacity of vessels departing U.S. ports was 148 Bcf, up 13 Bcf from the previous week. Thirty-nine LNG vessels left U.S. ports, up four vessels from the previous week. Nine vessels departed from Sabine Pass, eight from Plaquemines, six each from Corpus Christi and Freeport, four from Cameron, and three each from Calcasieu Pass and Cove Point.