By Anthony Harrup
Withdrawals from U.S. natural gas inventories were likely close to average last week as milder weather led to a drop in heating fuel demand, according to a survey by The Wall Street Journal.
Gas in underground storage is expected to have fallen by 98 billion cubic feet to 1,742 Bcf in the week ended Feb. 28, according to the average estimate 10 analysts, brokers and traders. Estimates range from a draw of 83 Bcf to a draw of 110 Bcf.
Seven consecutive weeks of triple-digit net withdrawals turned a 207 Bcf surplus at the beginning of the year to a deficit of 238 Bcf against the five-year average as of Feb. 21. The expected drop in inventories for last week would widen that deficit slightly to 242 Bcf, and leave stocks 603 Bcf below their year-earlier level.
The U.S. Energy Information Administration is scheduled to release weekly storage data on Thursday at 10:30 a.m. EST.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
March 05, 2025 13:03 ET (18:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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