Energy Prospectus

Working gas in storage was 2,591 Bcf as of Friday, January 21, 2022, according to EIA estimates.
This represents a net decrease of 219 Bcf from the previous week.
Stocks were 308 Bcf less than last year at this time and 25 Bcf below the five-year average of 2,616 Bcf.
At 2,591 Bcf, total working gas is within the five-year historical range.

Lots of well freeze offs in Ohio and Penn (Marcellus/Utica) this week and very cold around the Great Lakes should cause another 200+ Bcf draw for the week ending January 28. By Feb 4 storage should be 100 Bcf below the 5-year average.

For first three weeks of January 2022 the draws have averaged 28.76 Bcfpd. 5-year average draws in February are slightly less than 20 Bcf per day. We are on a path to end the winter heating season with storage well below the 5-year average of 1,662 Bcf. Refilling storage is a big part of demand from April to October and it is not "optional". We need ~3,800 Bcf in storage to make it through a cold winter without regional shortages.

Why the Russia crisis matters for U.S. energy. E&E News.
The Biden administration said yesterday that it’s working to find alternative supplies of energy for western Europe should Russia cut off the region’s flow of natural gas and oil over growing tensions surrounding Ukraine. But the administration may have little direct influence since the market for natural gas responds mostly to prices, observers say. There are long-term policy changes by the U.S. and its allies, however, that could reduce Russia’s influence over Europe, which is already grappling with a severe energy crisis, they say. Russia has signaled it could invade Ukraine, after forcibly annexing part of it in 2014. Russian President Vladimir Putin has used control of gas supplies as leverage to keep European countries from imposing sanctions against it. Russian gas travels to Europe through a series of pipelines, while exports from the United States and other countries have to be liquefied and transported on ships.

Daily on energy: White House looks to rally natural gas producers to prepare for Russian invasion. Washington Examiner.
Preparing for disruption in Europe: The White House is giving more details about how it’s preparing to help Europe in the event of a substantial disruption in natural gas supplies associated with a prospective Russian invasion of Ukraine. Press Secretary Jen Psaki said yesterday the White House is working on contingency planning with European allies, “including how to deploy their existing energy stockpiles.” Psaki confirmed the administration is roping in other major gas producers, which it has been previewing for nearly two weeks now, including from North Africa, the Middle East, Asia, and the United States.

MY TAKE: Team Biden is clueless and helpless. This is all talk.