EIA Natural Gas Storage Build Of +29 Bcf Exceeds Estimates

On April 3, 2025, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage increased by +29 Bcf from the previous week, compared to analyst forecast of +27 Bcf. In the previous week, working gas in storage increased by +37 Bcf.

At current levels, stocks are -491 Bcf less than last year and -80 Bcf below the five-year average for this time of the year. Low storage levels serve as a bullish catalyst for natural gas markets, although traders have mostly focused on fluctuations of weather forecasts in recent weeks.

Natural gas prices moved away from session highs as traders reacted to the report. The natural gas storage build exceeded analyst expectations, which may put some pressure on the market.

Meanwhile, weather forecasts predict colder weather starting from April 7, which may boost heating demand and provide support to natural gas prices.

From the technical point of view, natural gas is trying to get to the test of the resistance level at $4.25 – $4.30. A move above the $4.30 level will open the way to the test of the next resistance at $4.55 – $4.60. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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