Last Week Was the Fourth-Largest U.S. Natural Gas Storage Withdrawal on Record

     According to the Energy Information Administration the week ending January 29, 2025, was the fourth largest withdrawal ever from natural gas storage at 321 billion cubic feet (BCF). As I noted in a previous post, PJM Interconnection had its highest power demand day ever on January 22, with natural gas being responsible for 42.5% of that power demand. According to the EIA:

“Net withdrawals from storage totaled 321 Bcf for the week ending January 24, compared with the five-year (2020–24) average net withdrawals of 189 Bcf and last year's net withdrawals of 234 Bcf during the same week. This is the fourth-largest withdrawal on record.”

Gas supply is steady and easily supplying domestic needs as well as export, with far fewer rigs drilling as shown in the rig counts below. In January 2019 there were about 1000 rigs drilling. Last week there were just 571 rigs drilling, producing about 15-20BCF/day more gas than in 2019.  

 

References:

 

Natural Gas Weekly Update. for week ending January 29, 2025   |  Release date:  January 30, 2025. EIA. Natural Gas Weekly Update