EIA Natural Gas Storage Draw Of -100 Bcf Exceeds Estimates

On February 13, 2025, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage decreased by -100 Bcf from the previous week, compared to analyst forecast of -92 Bcf. In the previous week, working gas in storage declined by -174 Bcf.

At current levels, stocks are -248 Bcf less than last year and -67 Bcf below the five-year average for this time of the year.

Natural gas prices moved higher as traders reacted to the EIA report. The storage draw exceeded analyst estimates, which is bullish for natural gas markets.

Weather forecasts are favorable for the bulls. Current demand for natural gas is high, and forecasts indicate that it will stay at high levels in the upcoming days. Stocks are below the five-year average, which may provide additional support to the market.

From the technical point of view, natural gas climbed above the resistance at $3.55 – $3.60 and is trying to gain additional upside momentum. In case this attempt is successful, natural gas will head towards the next resistance level, which is located in the $4.00 – $4.05 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

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