EIA Weekly Natural Gas Storage Report - Dec 8

[dan_s]

Working gas in storage was 3,256 Bcf as of Friday, January 2, 2026, according to EIA estimates.
This represents a net decrease of 119 Bcf from the previous week. < 23 BCF larger than the 5-year average.
Stocks were 123 Bcf less than last year at this time and 31 Bcf above the five-year average of 3,225 Bcf.
At 3,256 Bcf, total working gas is within the five-year historical range.

The next two storage reports (for weeks ending January 9 and January 16) are expected to be significantly lower than the 5-year average draws. I do think the forecast for the week ending January 16 could go higher.

Watch this updated weather forecast: https://www.youtube.com/watch?v=WBrlH6NhPoU

A significant storm will be moving through the Great Lakes Region tomorrow and after it moves into Eastern Canada much colder weather and snow will spread across the U.S. NW Texas could see significant snow.

An "Arctic Blast" is looking more likely for the middle of next week.

Weather is the Primary Driver of natural gas demand and price December through February.

LNG exports will continue to increase through Q1 as three large LNG export facilities ramp up (Corpus Expansion, Plaquemines LNG and Golden Pass). It is this "Structural Increase" in U.S. natural gas demand that is the basis for my bullish outlook for U.S. natural gas prices. AI Data Center power demand will become a bigger issue in 2H 2026 and ramp up significantly in 2027.

[dan_s]

Winter returns next week:
https://www.msn.com/en-us/weather/topstories/winter-returns-late-next-week-with-the-potential-for-snow/vi-AA1TPneX

[dan_s]

From January 3 to January 31 approximately 600 Bcf will be drawn from U.S. storage. During the same period in January 2025 close to 1,000 Bcf was drawn from storage. However, the weather pattern is setting up for a significant "Arctic Blast" to impact the eastern U.S. near the end of next week.