Gas Glut Grows

February 26, 2024

The bearish pressure on natural gas prices continues.  Working gas in storage was 2,470 Bcf as of Friday, February 16, 2024, according to EIA estimates. This represents a net decrease of 60 Bcf from the previous week. The typical delivery for late February ranges from 131 Bcf to 209 Bcf.

Stocks were 265 Bcf higher than last year at this time and 451 Bcf above the five-year average of 2,019 Bcf. At 2,470 Bcf, total working gas is above the five-year min-max historical range.