EIA Natural Gas Storage Build Of +9 Bcf Exceeds Estimates

On March 20, 2025, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage increased by +9 Bcf from the previous week, compared to analyst forecast of +3 Bcf. In the previous week, working gas in storage decreased by -62 Bcf.

At current levels, stocks are -624 Bcf less than last year and -190 Bcf below the five-year average for this time of the year. Low storage levels provided material support to natural gas prices in recent months.

Natural gas  is trying to move away from session lows as traders react to the report. It should be noted that the report exceeded analyst estimates, so it remains to be seen whether natural gas will gain upside momentum in the near term.

Weather forecasts indicate that demand for natural gas will increase in the second half of the week, which may provide some support to natural gas prices.

From the technical point of view, natural gas settled between the support at $4.00 – $4.05 and the resistance at $4.25 – $4.30. If natural gas manages to settle above the $4.30 level, it will head towards the next resistance, which is located in the $4.60 – $4.65 range.

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