US natural gas storage remains above 5-year historic range

Working gas in underground storage across the US Lower 48 was estimated at 3.9 tcf as of Nov. 27, which represented a net decline of 53 bcf from the previous week, the US Energy Information Administration said Dec. 3.

Analysts surveyed by the Wall Street Journal in advance of the storage report’s release had anticipated storage levels would fall by 51 bcf during Thanksgiving week.

Gas storage levels were 543 bcf higher than last year at this time and 247 bcf above the 5-year average of 3.7 tcf. At 3.956 tcf, total working gas is above the 5-year historical range, the latest weekly Gas Storage Report said.

Gas storage levels are running high amid mild US weather. Analysts expect low heating demand to continue because weather forecasts call for warmer-than-average temperatures across much of the nation for the next 2 weeks.