U.S. Natural Gas Inventories in Underground Storage Hit Lowest Level in Three Years

SEATTLE (Oil Monster): Natural gas consumption has significantly increased and withdrawals from U.S. natural gas storage have surged as a result of the colder-than-normal temperatures that have occurred over a large portion of the country in the first two months of this year.

As a result, the amount of natural gas stored underground in the Lower 48 states of the United States fell to its lowest level since 2022. According to the U.S. Energy Information Administration's (EIA) Weekly Natural Gas Storage Report, stocks were 4% lower than the prior five-year average for the same time of year.

In January and February, the U.S. electric power, commercial, and residential sectors reported using more natural gas. The 1,650 Bcf of natural gas that was extracted in January and February was almost one-third more than the five-year average.

Compared to the same two-month period in 2024, the average consumption by the residential and commercial sectors during the first two months was 97 billion cubic feet per day (Bcf/d), which was 16% higher. The fourth-largest weekly withdrawal of 321 Bcf occurred the week ending January 24, 2025.

According to a U.S. EIA report, March's warmer-than-normal temperatures led to net natural gas injections into the storage.

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