EIA Natural Gas Storage Draw Of -62 Bcf Exceeds Estimates

On March 13, 2025, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage declined by -62 Bcf from the previous week, compared to analyst forecast of -50 Bcf. In the previous week, working gas in storage declined by -80 Bcf.

At current levels, stocks are -628 Bcf less than last year and -230 Bcf below the five-year average for this time of the year. Low storage levels provided material support to natural gas markets in recent weeks.

Natural gas prices moved higher as traders reacted to the better-than-expected report. The natural gas storage draw exceeded analyst estimates, which was bullish for natural gas markets.

Traders will also stay focused on weather forecasts. The recent forecasts pointed to warmer weather, which served as a bearish catalyst for natural gas. As a result, natural gas prices moved away from yearly highs.

From the technical point of view, natural gas found support in the $4.00 – $4.05 range and is trying to settle above the $4.15 level. In case this attempt is successful, natural gas will head towards the nearest resistance level, which is located in the $4.25 – $4.30 range. RSI is in the moderate territory, and there is plenty of room to gain upside momentum in the near term.

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