Market Highlights:
Natural gas storage
Net injections into storage totaled 36 Bcf for the week ending March 27, compared with the five-year (2021–2025) average net withdrawals of 4 Bcf and last year’s net injections of 30 Bcf during the same week. Working natural gas stocks totaled 1,865 Bcf as of Friday, March 27, according to EIA estimates. Stocks were 54 Bcf (3%) more than the five-year average and 96 Bcf (5%) more than last year at this time. The average rate of withdrawals from storage is 6% 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 1.9 Bcf/d for the remainder of the withdrawal season, the total inventory would be 1,872 Bcf on March 31, which is 54 Bcf higher than the five-year average of 1,818 Bcf for that time of year.
Natural gas prices
The Henry Hub spot price rose 7 cents/MMBtu, from $2.92/MMBtu last Wednesday to $2.99/MMBtu yesterday. Above-average U.S. temperatures continue to support prices that have been largely flat over the past month. Total U.S. demand for natural gas in the residential and commercial sectors fell 1.9 Bcf (8.7%) compared with last week, according to LSEG Data, as average temperatures mainly ranged between 40°F–70°F across the continental United States.
Liquefied Natural Gas (LNG)
For the week ending April 1: The LNG-carrying capacity of vessels departing U.S. ports was 149 Bcf, up 15 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, seven from Corpus Christi, five from Freeport, four from Cameron, three from Calcasieu Pass, two from Cove Point, and one from Elba Island.