According to our analysis natural gas moved 14 ticks on DOE Natural Gas Storage Report (WNGSR) data on 5 March 2026.
Natural gas (14 ticks)
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U.S. Natural Gas Storage Update: Inventories Decline 132 Bcf but Remain Within Historical Range
The latest Weekly Natural Gas Storage Report from the U.S. Energy Information Administration (EIA), released on March 5, 2026, shows a significant withdrawal from underground natural gas storage for the week ending February 27, 2026. Despite the drawdown, overall storage levels remain within the typical five-year range, suggesting the market is still relatively balanced heading into the final stretch of winter.
Total U.S. Natural Gas Storage
Working gas in underground storage across the Lower 48 states totaled 1,886 billion cubic feet (Bcf) as of February 27, 2026. This represents a net withdrawal of 132 Bcf compared with the previous week, when inventories stood at 2,018 Bcf.
Although inventories declined sharply week-over-week, storage levels are still 115 Bcf higher than the same time last year. However, they remain 43 Bcf below the five-year average of 1,929 Bcf for this time of year.
Overall, the current level of working gas remains within the historical five-year range, indicating that supply levels are neither unusually tight nor excessively high relative to recent seasonal norms.
Regional Storage Changes
The weekly withdrawal was distributed across most major storage regions in the United States.
East Region: Stocks fell by 42 Bcf, dropping from 364 Bcf to 322 Bcf.
Midwest Region: Storage declined 44 Bcf, bringing inventories down to 397 Bcf.
Mountain Region: A modest 3 Bcf withdrawal reduced stocks to 198 Bcf.
Pacific Region: Storage slipped 2 Bcf to 257 Bcf.
South Central Region: Inventories decreased 41 Bcf to 712 Bcf.
Within the South Central region, withdrawals occurred in both storage types:
Salt facilities: down 10 Bcf to 169 Bcf
Nonsalt facilities: down 29 Bcf to 544 Bcf
Comparison with Historical Levels
While regional changes were broadly negative for the week, comparisons with historical data reveal mixed trends.
The East and Midwest regions remain below their respective five-year averages by 17.0% and 16.2%.
Conversely, the Mountain and Pacific regions are significantly above their historical norms, exceeding the five-year averages by 53.5% and 46.0%, respectively.
The South Central region sits 6.6% below its five-year average but remains 7.6% higher than last year.
These regional differences highlight the uneven distribution of natural gas inventories across the country, reflecting variations in production, demand, and storage capacity.
Market Context
Large winter withdrawals are typical as heating demand peaks across the United States. A 132 Bcf draw is substantial but not unusual during late winter, particularly during colder periods.
Despite the weekly decline, total inventories remaining above last year’s levels provide a measure of supply security. However, the fact that stocks are still slightly below the five-year average may keep markets attentive to weather patterns and remaining winter demand.
Looking Ahead
The next EIA Weekly Natural Gas Storage Report is scheduled for release on March 12, 2026. As the heating season approaches its final weeks, traders and analysts will closely monitor whether withdrawals continue at a strong pace or begin to slow as temperatures moderate.
How inventories evolve over the coming weeks will help shape expectations for the transition into the spring injection season and the broader natural gas market outlook for 2026.
Disclaimer: This blog post is for informational purposes only and should not be construed as financial advice. Always conduct thorough research and consider seeking advice from a financial professional before making any investment decisions.
Source: https://ir.eia.gov/ngs/ngs.html
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