Nevertheless, the current stockpile increase was smaller than the five-year average of 67 billion cubic feet for this time of year. Supplies are also 30.9% below year-over-year inventory levels.
The lingering cold weather has helped stoke demand for natural gas. Around 50% of U.S. households utilize natural gas for heating and power generation accounts for 33% of gas demand. [Natural Gas ETF Jumps Over 5%]
Looking ahead, the MDA Weather Services forecasts mostly normal or higher-than-average temperatures in the lower-48 states over the next week.
United States Natural Gas Fund
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Max Chen contributed to this article.