• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 23 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.
Gas Glut? Not for Long.

Gas Glut? Not for Long.

Low prices invariably stimulate stronger…

Natural Gas ETFs Among The Worst Performing Equities

Natural Gas ETFs Among The Worst Performing Equities

Exchange-traded funds (ETFs) that track…

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

U.S. Natural Gas Inventories Fall To Three Year Low

  • Higher exports and elevated demand have pushed U.S. natural gas in storage to its lowest level in three years.
  • Gas in underground storage in the Lower 48 states totaled 1,387 billion cubic feet (Bcf) as of the last day of March.
  • The U.S. is exporting record volumes of LNG as the United States looks to help European allies with non-Russian gas supply.
LNG

Higher demand for heating and record LNG exports left U.S. natural gas in storage at the end of the winter at its lowest level in three years, after larger-than-normal storage withdrawals this past winter, the Energy Information Administration (EIA) said on Friday.

Because of the higher withdrawals, by the end of March, the U.S. had the least amount of natural gas in underground storage in the Lower 48 states since 2019.

Working natural gas in underground storage facilities in the Lower 48 states totaled 1,387 billion cubic feet (Bcf) as of the last day of March this year. Inventories were 17 percent lower than the previous five-year average (2017–21) for that time of year, EIA’s Weekly Natural Gas Storage Report showed on Thursday. 

A colder January 2022 and record-high U.S. liquefied natural gas (LNG) exports led to more withdrawals despite the fact that domestic production of natural gas increased, the EIA says.

The U.S. is exporting record volumes of LNG as the United States looks to help European allies with non-Russian gas supply.

Following the Russian invasion of Ukraine, the European Union and the United States announced at the end of March a deal for more U.S. LNG exports to the EU as the latter seeks to replace Russian supplies, on which it is dependent. According to the terms of the deal, the United States will deliver at least 15 billion cubic meters of liquefied natural gas to the EU this year more than previously planned, the White House said in a fact sheet.

Earlier this month, U.S. shale gas and LNG producers met with delegations from several EU member states eager to boost their purchases of U.S. LNG. This eagerness could be crucial for final investment decisions on new LNG export capacity.

Record LNG exports out of the U.S. have sent the benchmark Henry Hub front-month futures to above $7 per per million British thermal units (MMBtu) this week, after the price hit $6/MMBtu just last week.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News