Gas prices have remained over $3/MMBtu for all of December. (Source: Shutterstock)
U.S. natural gas storage levels fell by 190 Bcf during the week ending Dec. 6, one of the biggest withdrawals in more than 10 years.
According to the U.S. Energy Information Administration’s storage report, natural gas levels fell from approximately 3.94 Tcf to 3.75 Tcf from Nov. 29 to Dec. 6.
The last time a comparably large withdrawal happened in early December was 2010, when levels fell by 164 Bcf, according to East Daley Analytics.
The large withdrawal reflected cooler-than-average temperatures for the beginning of December.
The Henry Hub Natural Gas front-month futures price reacted positively to the news, gaining $0.08 to close the day at $3.46/MMBtu. Gas prices have remained over $3/MMBtu for all of December.
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