EIA Natural Gas Storage Draw Of -80 Bcf Misses Estimates

On March 6, 2025, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage declined by -80 Bcf from the previous week, compared to analyst forecast of -96 Bcf. In the previous week, working gas in storage decreased by -261 Bcf.

At current levels, stocks are -585 Bcf less than last year and -224 Bcf below the five-year average for this time of the year.

Natural gas prices moved lower after the release of the report. Storage draw missed analyst expectations, which may serve as a bearish catalyst for natural gas markets.

Traders will also continue to monitor the tariff drama. Falling exports from Canada provided material support to natural gas markets in recent trading sessions. In case the U.S. and Canada manage to come up with a deal which reduces or eliminates tariffs, natural gas markets may find themselves under more pressure.

From the technical point of view, natural gas is trying to settle below the support at $4.25 – $4.30. In case this attempt is successful, natural gas will head towards the next support 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 the near term.

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