By Anthony Harrup
Last week's cold weather across most of the U.S. likely led to a much bigger-than-usual withdrawal from natural gas inventories, widening the storage deficit heading into the tail end of winter, according to a Wall Street Journal survey.
Natural gas in underground storage is forecast to be down by 265 billion cubic feet at 1,836 Bcf, according to the average estimate of 11 analysts, brokers and traders. Forecasts range from a withdrawal of 240 Bcf to a withdrawal of 278 Bcf.
The expected decline compares with a five-year average draw for the week of 141 Bcf, reflecting increased demand for heating by homes and businesses as colder-than-usual weather spread across much of the U.S. It would leave inventories 242 Bcf below the five-year average and 565 Bcf below the year-earlier level.
The U.S. Energy Information Administration is scheduled to release the storage data on Thursday at 10:30 a.m. EST.
Write to Anthony Harrup at anthony.harrup@wsj.com
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(END) Dow Jones Newswires
February 26, 2025 12:08 ET (17:08 GMT)
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