Withdrawal in line with expectations – The EIA reported a natural gas withdrawal of 164 bcf, right in line with expectations (as per Bloomberg) of 165 bcf. For the comparable week last year, the storage withdrawal was 185 bcf with the five-year average withdrawal at 153 bcf.
Storage levels tracking 2009 – The 164 bcf withdrawal this week puts us only 35 bcf below storage levels set in late December 2009. Total storage levels now sit at 3,561 bcf, still well above the five-year average of 3,240 bcf.
Warmer weather forecast – The National Weather Service is predicting milder temperatures for key consuming regions of the United States.
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