EIA Natural Gas Storage Build Of +88 Bcf Exceeds Estimates

On April 24, 2025, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage increased by +88 Bcf from the previous week, compared to analyst forecast of +65 Bcf. In the previous week, working gas in storage increased by +16 Bcf.

At current levels, stocks are -478 Bcf less than last year and -44 Bcf below the five-year average for this time of the year.

Natural gas prices tested session lows after the release of the EIA report. Storage build exceeded analyst estimates, which may serve as a significant bearish catalyst for natural gas markets.

Natural gas markets have been under pressure since the start of the month, and the bearish trend stays strong. The current demand for natural gas is low, and weather forecasts indicate that it will stay low in the upcoming days. At this point, natural gas markets need significant positive catalysts to change the current trend.

From the technical point of view, natural gas settled below the support at $3.05 – $3.10 and is trying to settle below the $2.90 level. In case this attempt is successful, natural gas will head towards the next support level, which is located in the $2.70 – $2.75 range.

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