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Commodity Mid Session News

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(24 Jan 2025, 16:34)

Natural Gas stays weak, EIA reports 223 BCF drop in US storage

Natural Gas futures stayed slippery today as a slide from two year highs stayed in place. However, demand remains firm in the US amid ongoing winter season. EIA released its Weekly Natural Gas Storage update yesterday, indicating that working gas in storage declined by 223 Bcf from the previous week. In the previous week, working gas in storage declined by 258 Bcf. At current levels, stocks are 57 Bcf less than last year and up 21 Bcf above the five-year average for this time of the year. The commodity currently trades down 2.53% at $3.84 per mmbtu. Prices are up around 6% this month though current levels are well below the two year highs of $4.36 per mmbtu mark earlier in January 2025.
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