FX.co ★ US Natural Gas Stocks Fall More than Expected

U.S. energy companies extracted an unusually large volume of 119 billion cubic feet (bcf) of natural gas from storage in the week concluding on January 2, 2025. This withdrawal surpassed market forecasts and decreased total inventories to 3.261 trillion cubic feet (tcf). Current storage levels are approximately 3.6% below those of the same period last year, although they remain about 1% higher than the typical five-year average for this time of year. This recent drawdown is significant when compared to a withdrawal of 51 bcf during the corresponding week in the previous year and a five-year average draw of 92 bcf. For the previous week ending December 26, utilities had withdrawn 38 bcf of gas from storage.