Significant Drop in US Natural Gas Inventories

According to the latest report from the Energy Information Administration (EIA), the United States has seen a notable decrease in its natural gas inventories. As of the week ending February 28, the working gas in storage stood at 1,760 billion cubic feet, marking a net decrease of 80 billion cubic feet from the previous week.

On an annual comparison, the natural gas stockpiles have fallen by 585 billion cubic feet, positioning them 224 billion cubic feet below the five-year average of 1,984 billion cubic feet. Despite this significant drop, the total working gas remains within the five-year historical range, indicating a complex but manageable situation for the US natural gas market.