U.S. natural gas inventories likely plunged last week as freezing temperatures from winter storm Fern sparked a surge in heating demand. According to a Wall Street Journal survey, analysts expect a withdrawal of 264 billion cubic feet (Bcf) for the week ended Feb. 6, significantly outpacing historical seasonal averages.
The projected withdrawal would lower total underground storage to 2,199 Bcf. Although this decline is smaller than the prior week's record 360 Bcf pull, it remains nearly double the five-year average of 146 Bcf. Consequently, the storage deficit against the five-year benchmark is expected to widen from 27 Bcf to 145 Bcf.
Survey participants provided a range of estimates, with the lowest projection at 247 Bcf and the highest at 297 Bcf. This variance highlights the ongoing impact of severe winter weather on domestic energy consumption as the heating season reaches its peak.
EIA Data and Market Outlook
The official data will be released by the U.S. Energy Information Administration (EIA) on Thursday at 10:30 a.m. EST. Market participants track these figures closely to gauge the adequacy of supply during peak winter demand, especially as extreme weather events like storm Fern test the resilience of national energy reserves.
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