Despite the rising winter heating needs, the boom in energy production from new shale drilling techniques has helped replenish supplies, causing withdrawals to fall below average for this time of the year, reports Christian Berthelsen for the Wall Street Journal.
The U.S. Energy Information Administration revealed that total domestic inventories rose year-over-year for the first time in nearly a year and was 7.3% below average, which some warn could lessen in the coming weeks due to a mild December.
“Stymied demand and record production continue to pressure prices lower,” research consultancy Schneider Electric analyst Matt Smith said in a note.
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