FX.co ★ US Natural Storage Falls Less than Expected

US energy firms withdrew 38 billion cubic feet (bcf) of natural gas from storage in the first week of March, below market expectations for a 42 bcf draw. It was the smallest withdrawal so far this year and matched the lowest level since the third week of the current withdrawal season in early December, indicating that companies may be nearing the end of the heating season.

Withdrawals were concentrated in the East and Midwest, where persistent cold weather at the start of the month was sufficient to offset inventory builds in other regions. Even so, total gas inventories remained 8.3% higher than in the same week a year earlier, while standing 0.9% below the current five-year average.