EIA - Natural Gas Storage Report - Feb 10

[dan_s]

Working gas in storage was 2,101 Bcf as of Friday, February 4, 2022, according to EIA estimates.
This represents a net decrease of 222 Bcf from the previous week.
Stocks were 441 Bcf less than last year at this time and 215 Bcf below the five-year average of 2,316 Bcf.
At 2,101 Bcf, total working gas is within the five-year historical range.

There are 8 weeks remaining in the official heating season, which ends April 1. I expect the draws from storage over that period to be slightly higher than the five-year average draws thanks to LNG exports remaining near capacity. That should put storage at 200-250 bcf below the five-year average when the refill season begins.

Natural gas prices will move up and down based on weather forecasts, but for full-year 2022 I expect them to average in the $3.75 to $4.25 range.