Natural gas inventories fell by 48 bcf last week, below expectations.
Natural gas was last trading higher by close to 3 percent to $4.35/mmbtu after the Energy Information Administration reported that operators withdrew 48 billion cubic feet from storage last week, below the 55 to 60 bcf that most analysts were expecting.
The latest withdrawal was below last year’s draw of 62 bcf, but above the five-year average draw of 30 bcf.
In turn, inventories now stand at 953 bcf, which is 923 bcf below the year-ago level and 875 bcf below the five-year average (calculated using a slightly different methodology than the EIA).
