EIA reported a draw of -338 Bcf for the week ending 2/19/2021. This was larger than the median estimate of -334 Bcf. Today’s stat fell within the expected range, which was -287 Bcf on the more bearish end, and -350 Bcf on the more
AEGIS notes the draw was the second-largest of all time, 20-Bcf shy of the all-time record of -359 Bcf in January ’18. This week’s strong pull on inventories brings storage levels in-line with the five-year average for the first time since January ’20.
Prices were down in the five minutes following the announcement, to $2.788, from $2.808 just before 9:30am.
Inventories for the US are now at a deficit of 105 Bcf to last year and a surplus of 57 Bcf to the five-year average.