EIA: US natural gas storage returning to normal levels

The US Energy Information Administration estimates working gas in underground storage across the Lower 48 was 2.092 tcf as of Mar. 17, marking a net decrease of 150 bcf from the previous week.

Stocks were 399 bcf less than last year at this time and 266 bcf above the five-year average of 1.826 tcf, the Weekly Gas Storage Report said.

Although storage levels are returning to normal after being high for some time, at least one analyst has reduced its US gas futures forecast.

“The second-warmest winder on record has caused us to lower our 2017 natural gas price forecast from $3.38/MMbtu to $3.02/MMbtu,” Barclays Commodity Research said in a Mar. 23 note.