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The EIA reported a 171 Bcf withdrawal from US working gas storage for the week ended February 5, slightly below the 175 Bcf analyst estimate but above the five-year average draw of 125 Bcf. Storage fell to a year-on-year deficit and remained 6.4% above the five-year average.
A larger-than-normal draw reduces the cushion for the rest of winter and raises the risk of a record draw, which supports natural gas prices and energy costs.
spglobal.comBrandon Evans, Kevin Sakofs, Kent Berthoud, Rachel WiserFeb 11, 2021After 74 past bullish report events, Natural Gas moved a median +1.3% over 5 sessions (55% higher; middle half -4.0% to +11.3%), and +2.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
