• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 10 hours PETROLEUM for humanity 
  • 10 hours Why don't the other GOP candidates get mention?
  • 3 hours China's Blueprint For Global Power
  • 10 hours Disenfranchised people are angry people - map of global electoral systems
  • 3 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 9 hours Brexit agreement
  • 9 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 17 mins ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 15 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 19 hours Erdogan Holds All The Cards ... 3.6 Million Of Them
  • 17 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 16 hours 5 Tweets That Change The World?
Alt Text

It’s “Feast-to-Famine” For The Global Gas Industry

Oversupply and high stockpiles have…

Alt Text

Europe’s Gas Demand Soars As Dutch Giant Folds

Europe’s energy landscape will be…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Cold Snap Leads To Biggest U.S. Natural Gas Draw Ever

The freezing temperatures in most of the Eastern U.S. in the week to January 5 led to the biggest ever weekly withdrawal from natural gas storage, data by the U.S. Energy Information Administration (EIA) showed on Thursday.  

In its Weekly Natural Gas Storage Report, EIA said that in the week to January 5, working gas in storage decreased by 359 billion cubic feet (Bcf) from the previous week. As of January 5, working gas in storage was 2,767 Bcf. Natural gas stocks were 415 Bcf less than at this time last year, and 382 Bcf below the five-year average of 3,149 Bcf. At 2,767 Bcf, total working gas is within the five-year historical range, EIA said.

Last week’s draw was the largest weekly withdrawal ever, according to Reuters estimates of government energy data since 1994. The previous record natural gas withdrawal was 288 Bcf in January 2014 when an Arctic cold airmass surged south into the central and eastern U.S.

The record withdrawal in the first week of this year also beat estimates by analysts polled by Reuters, who had predicted a 333-Bcf withdrawal.

Even though the stocks are below the five-year average for this time of the year, traders told Reuters that natural gas supplies are enough to meet demand for heating in the winter. Weather forecasts also suggest that U.S. temperatures will remain mostly within seasonal limits for the rest of the winter. Expectations are also that U.S. production will stay high. Related: 3 Million Barrels Per Day Could Go Offline In 2018

On New Year’s Day, the U.S. burned the most natural gas ever recorded. The U.S. consumed 143 bcf of natural gas on January 1, breaking the previous record of 142 bcf during the polar vortex in 2014.

While natural gas stocks are currently below the five-year average and the market has significantly tightened over the past few months, natural gas prices are not surging because soaring production keeps the markets confident that there won’t be supply shortages, analysts say.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • rjs on January 11 2018 said:
    re: "soaring production keeps the markets confident that there won’t be supply shortages"

    a record withdrawal means that your "soaring production" fell short of demand by 359 billion cubic feet, or about 12% of what we had in storage on 12/29/07....8 more weeks like that and the USA is out of gas...
  • Jeffrey J. Brown on January 12 2018 said:
    As prolific as the Appalachian Basin has been, I wonder where the replacement basin will be for the depleting Appalachian Basin? Although it's a controversial topic among the shale guys, depletion is a one way street.

    In any case, assuming a plausible estimate of about 24%/year for the gross rate of decline in existing total US gas production, the US has to put on line the productive equivalent of current Appalachian Basin gas production--about 26 BCF/day--about every 18 months, just to offset declines from existing wells.
  • Coffeeguyzz on January 13 2018 said:
    The just released report from the DOE, "Natural Gas Liquids Primer/Focus on Appalachian Basin", gives an outstanding overview into the present and projected activity of the AB.

    Great graphics and charts focusing upon both the scale of the resource and the enormous economic ripple effect of capturing the massive amounts of NGLs in the region.

    Rising from the present 8 Tcf/year production today to nearly 16 Tcf 30 years out is but one of the report's interesting data points.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play