EIA Natural Gas Storage Report 11-20-25

Tony Zelinski
6 minutes ago
2 min read

EIA Natural Gas Storage Report 11-20-25

Summary

The EIA reported a 14 Bcf withdrawal from U.S. natural gas storage for the week ending November 14, 2025, marking the first net draw of the heating season. Total working gas in storage now stands at 3,946 Bcf, which is 23 Bcf below last year’s level but still 146 Bcf above the five-year average of 3,800 Bcf.

Analyst expected today’s EIA weekly storage report to show a withdrawl at about 11-17 Bcf.

This week’s draw signals the seasonal shift toward winter demand, though inventories remain comfortably above historical norms. The withdrawal was in line with market expectations (11–17 Bcf), suggesting a neutral-to-slightly-bearish tone as traders digest the implications.

• Current Inventory: 3,946 Bcf

• Year-over-Year Change: -23 Bcf

• 5-Year Average Surplus: +146 Bcf

• Historical Range: Storage remains within the 5-year min/max band.

Stocks were 23 Bcf less than last year at this time and 146 Bcf above the five-year average of 3,800 Bcf. At 3,946 Bcf, total working gas is within the five-year historical range.

Market Reaction

Natural gas futures responded with modest softness. The December NYMEX contract traded near $4.53/MMBtu, down $0.02 on the day. While prices remain above the 200-day moving average, the lack of bullish surprise in the storage data and continued strong supply are tempering momentum.

Weather & Demand Outlook

Forecasts are shifting colder for late November and early December, particularly across the eastern and central U.S. between November 24–28. This could boost heating demand and tighten balances, especially if the colder pattern persists into early December.

However, residential/commercial demand remains soft for now, and production is robust, averaging 109.4 Bcf/d, up 7.5% year-over-year. LNG feedgas demand is steady near 18.2 Bcf/d, with additional volumes flowing to new export capacity.

Strategic Takeaways

• First seasonal draw confirms the start of winter demand, but inventories remain ample.

• Weather risk is rising, with colder forecasts potentially supporting prices.

• Production strength and elevated storage levels continue to cap upside potential.

Traders and analysts will be closely watching for confirmation of sustained cold weather and any signs of tightening in supply/demand balances. The next few weeks could set the tone for December volatility.

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