The US Energy Information Administration reported today that domestic supplies of natural gas decreased by-84 billion cubic feet for the week ended February 24 from -81 bcf in the previous week, while analysts’ expected drop of -80 billion cubic feet.
Still, it is much less than a decrease of 126 bcf in the same week last year and a five-year (2018-2022) average decline of 101 bcf as mild weather kept heating demand for the fuel low. Last week's decrease cut stockpiles to 2.030 trillion cubic feet (tcf), 493 bcf higher than last year at this time and 359 bcf above the five-year average of 1.671 tcf.
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NATGAS fell slightly after the EIA report and is approaching local support at $2.57. Source: xStation5
