“Once winter is over…we could see a common seasonal pullback in natural gas,” and “the higher prices seen lately may encourage more capital spending, which could help rebuild stockpiles heading into next winter,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Earlier this month, the Energy Information Administration revealed a slightly smaller-than-anticipated drawdown of 77 billion cubic feet, compared to the five-year average withdrawal of 79 Bcf–a supply that’s still higher than last year’s 59 Bcf pull. Total gas in storage fell to 2,914 Bcf, or 722 Bcf below last year and 723 Bcf below the five-year average.
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