Market Highlights:
Natural gas storage
Net withdrawals from storage totaled 54 Bcf for the week ending March 20, compared with the five-year (2021–2025) average net withdrawals of 21 Bcf and last year’s net injections of 33 Bcf during the same week. Working natural gas stocks totaled 1,829 Bcf as of Friday, March 20, according to EIA estimates. Stocks were 14 Bcf (1%) more than the five-year average and 90 Bcf (5%) more than last year at this time. The average rate of withdrawals from storage is 8% higher than the five-year average so far in the withdrawal season (November through March). If the rate of withdrawals from storage matched the five-year average of 0.3 Bcf/d for the remainder of the withdrawal season, the total inventory would be 1,832 Bcf on March 31, which is 14 Bcf higher than the five-year average of 1,818 Bcf for that time of year.
Natural gas prices
The Henry Hub spot price fell 22 cents this week to close at $2.92/MMBtu yesterday, after averaging $3.01/MMBtu over this report week. Henry Hub spot prices have remained near $3.00/MMBtu since mid-February due to declining residential and commercial demand. Warmer temperatures in the West were offset by near-normal temperatures in the Midwest and eastern United States, continuing to support prices that have been largely flat over the past month. Total U.S. consumption of natural gas in the residential and commercial sectors fell 11.4 Bcf/d compared with last week, according to LSEG Data.
Liquefied Natural Gas (LNG)
For the week ending March 25: The LNG-carrying capacity of vessels departing U.S. ports was 134 Bcf, up less than 1 Bcf from the previous week. Thirty-five LNG vessels left U.S. ports, the same number as the previous week. Nine vessels departed from Sabine Pass, seven from Plaquemines, five each from Corpus Christi and Freeport, four from Cameron, three from Calcasieu Pass, and two from Cove Point.