FX.co ★ US Natural Gas Storage Falls for 2nd Week

During the week ending November 21st, US energy companies extracted 11 billion cubic feet of natural gas from storage facilities, resulting in a total inventory of 3,935 billion cubic feet. This level of withdrawal significantly exceeded market forecasts, which had anticipated a modest reduction of only 1 billion cubic feet. This marks the second consecutive week of the withdrawal season for US natural gas reserves, aligning with the schedule from the prior year, as colder temperatures heighten the demand for gas-powered heating nationwide. Despite this decline, the natural gas inventory still stands at 0.8% below the levels seen at the same time last year but remains 4.2% higher than the current five-year average.