EIA Natural Gas Storage Report: 74 BCF Withdrawal

Working gas in storage fell 74 BCF in the week ended March 28th, slightly less than expected.  The May natural gas contract was was down about 4 cents initially on the news, to $4.39.

Natural Gas Weekly Storage Report

Inventories are now likely at their lowest point for the year, nearly 1 TCF below last year's low:

The largest storage deficits continue to be in the producing region, where inventories are less than 50% of normal:

With the 200 day injection season beginning about now, north american storage is unlikely to make up a deficit to last year of over 1.3 TCF (1 TCF in USA + 0.3 TCF in Canada).  But based on summer strip pricing around $4.50, the market does not yet seem to be concerned about entering winter with a gas shortage.