US natural gas in storage dropped by less than expected in what might be the final draw of the heating season, yet Henry Hub futures continue to build on recent gains as the summer and winter strips sail higher above $5/MMBtu.
Storage fields withdrew 51 Bcf for the week ended March 18, according to data released by the US Energy Information Administration on March 24. Working gas inventories decreased to 1.389 Tcf. US storage volumes now stand 366 Bcf less than the year-ago level of 1.784 Tcf and 293 Bcf less than the five-year average of 1.744 Tcf. The withdrawal was weaker than the 62 Bcf draw expected by an S&P Global survey of analysts. Responses to the survey were wide, as they have been much of the current shoulder season, ranging from from 50 to 96 […]