Written on: April 18, 2022 by ICM
According to the U.S. Energy Information Administration’s (EIA) “Natural Gas Monthly” and “Weekly Natural Gas Storage Report,” the U.S. ended the winter (end of March) with the least natural gas in storage in the lower 48 States—since 2019.
Increased heating demand for natural gas this past winter resulted in more withdrawals from U.S. natural gas storage than normal, EIA reported. In January, temperatures across the country were colder than normal, which increased residential, commercial and electric power demand for natural gas. More heating demand and record-high liquefied natural gas (LNG) exports resulted in above-average withdrawals from working natural gas storage despite increased natural gas production, EIA said.
Working natural gas in underground storage facilities in the Lower 48 states totaled 1,387 billion cubic feet (Bcf) as of March 31. Inventories were 17% lower than the previous five-year average (2017–2021) for that time of year, according to EIA’s “Weekly Natural Gas Storage Report.”