Believe it or not, we are half-way through February.

The storage report came in in-line with expectations; a nice withdrawal of -100 Bcf for the week ending February 7, 2025. Not as crazy of a withdrawal compared to what we’ve been seeing this season, but the withdrawal for next week is sure to be huge. Luckily, storage inventories are still very close to the 5-year average, so we are still in a good position storage-wise.

NYMEX prices continued this past week’s slow and steady rally, the March contract increasing 9 cents to close at $3.63 US/mm.

Working gas in underground storage, Lower 48 states (from the EIA):