Natural gas storage in US falls less than expected

Natural gas storage in the US decreased by 40 billion cubic feet (bcf) in the week ended Jan. 3, falling short of expectations for a 53 bcf decline.

According to data released on Jan. 8 by the US Energy Information Administration (EIA), total natural gas inventories amounted to 3.37 trillion cubic feet, a decline of 0.1% (or nearly three bcf) year-on-year (YoY).

However, gas storage is 6.5% (around 207 bcf) above the five-year average (2019-2023) of 3.16 trillion cubic feet.

The weekly natural gas storage report is typically released on Thursday but was issued a day early due to the funeral of former US President Jimmy Carter scheduled for Jan. 9.