EIA: US natural gas supplies retreat

The US Energy Information Administration reported on Thursday that domestic natural-gas supplies fell by 129 billion cubic feet for the week ended Feb. 18. Total supplies in storage stand at 1.782 trillion cubic feet.

The change in stocks compared with the average weekly decline of 128 billion cubic feet forecast by analysts polled by S&P Global Platts, which pegged the five-year average supply decline for the period at 166 billion cubic feet.

Total stocks were down 209 billion cubic feet from a year ago and 214 billion cubic feet below the five-year average, the government said.

Following the data, March natural gas NGH22, +2.10% climbed by 20.8 cents, or 4.5%, at $4.831 per million British thermal units, ahead of the contract’s expiration at the end of the day’s session. Prices were at $4.638 shortly before the data, finding support as Russia’s invasion of Ukraine raised risks to natural-gas supplies to Europe.