The U.S. Energy Information Administration (EIA) reported Thursday morning that U.S. natural gas stocks decreased by 87 billion cubic feet for the week ending January 27. This number was in-line with expectations but well below the 5-year average for this time of year. With the report U.S. gas in storage moved from a deficit position (last week) to a surplus compared to the 5-year average. The price of natural gas had been relatively flat over the past week as the market tried to find direction amidst shifting weather patterns.
EIA Natural Gas Storage Data:
- Total (01/27/17): 2,711 Bcf
- Total (01/20/17): 2,798 Bcf
- Net change: -87 Bcf
- Implied flow: -87 Bcf
- Year ago stocks: 2,977 Bcf
- % change from year ago: -8.9 %
- 5-year avg stocks: 2,652 Bcf
- % change from 5-year avg: 2.2 %
