Natural gas inventories plunged by 262 bcf last week.
Natural gas was last trading down by almost 2 percent to $4.95/mmbtu after the Energy Information Administration reported that operators withdrew 262 billion cubic feet from storage last week, below most analyst estimates, which were 270 bcf and above. However, the previous week’s draw was revised up from 230 to 238 bcf.
The latest withdrawal was well above last year’s draw of 118 bcf, and the five-year average draw of 139 bcf.
In turn, inventories now stand at 1,923 bcf, which is 761 bcf below the year-ago level and 579 bcf below the five-year average (calculated using a slightly different methodology than the EIA).