U.S. gas inventories have depleted faster-than-average this winter despite warmer-than-normal temperatures, as strong demand in Europe and Asia has boosted exports of liquefied natural gas, tightening the market. Working stocks in underground storage have fallen by 1,703 billion cubic feet since the start of November, according to data from the U.S. Energy Information Administration. The depletion rate has been the fastest since the winter of 2017/18 and is significantly above the pre-pandemic five-year average of 1,485 billion cubic feet (“Weekly natural gas storage report”, EIA, Feb. 17). Inventories are now 289 billion cubic feet (13%) below the pre-pandemic seasonal average, compared with 103 billion cubic feet (3%) below the average at the start of November. Inventories have depleted […]