The United States saw the fourth-largest weekly withdrawal from natural gas storage during mid-January as colder-than-normal temperatures boosted consumption, the U.S. Energy Information Administration (EIA) said on Monday.
During the week ending January 24, 2025, stocks fell by 321 billion cubic feet (bcf), which was nearly 70% more than the five-year (2020–24) average withdrawal for the same week in January, the EIA said.
With withdrawals in January totaling nearly 1,000 bcf, U.S. natural gas inventories are now 4% below their previous five-year average after being 6% above the five-year average at the start of the 2024–25 heating season, which began in November, the agency said.
The EIA added that record low temperatures were seen in the U.S. Southeast and parts of Louisiana, Texas, and Florida received snowfall, while heating degree days reached 262 or 26% above normal, indicating higher heating demand.
Additionally, cold weather caused modest production declines due to freeze-offs at wellheads and gathering lines.
(Reporting by Sarah S. Qureshi in Bengaluru, Editing by Franklin Paul)