Last week’s figures showed a precipitous 237 BCF (billion cubic feet) drop compared to this week’s meager 78 BCF as extreme cold related to the polar vortex appears to have been short-lived. As of Feb. 8, we stood at 1,882 BCF in storage relative to a similar 1,912 BCF last year (a drop of -1.6 percent) and a five-year working average of 2,215 BCF.

To bears, the relatively small weekly withdrawal suggests that storage numbers may converge on the five-year average as spring approaches, bringing pricing opportunities to extend cover through the back half of 2019 and into 2020. Much will depend on late winter and early spring temperatures.

The latest NOAA two-week run is showing colder temps across the western half of the U.S. but milder temps from the Ohio River Valley to the East Coast.

Working gas in underground storage compared with the 5-year max & min

Source: EIA
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