EIA Natural Gas Storage Report 11-26-25

Tony Zelinski
a few seconds ago
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EIA Natural Gas Storage Report 11-26-25

📊The EIA reported a net withdrawal of 11 Bcf from underground natural gas storage for the week ending November 21, 2025. This brings total working gas in storage to 3,935 Bcf, compared with 3,967 Bcf one year ago and 3,775 Bcf for the five-year average. Inventories remain 160 Bcf above the five-year norm, underscoring a well-supplied market heading into the winter heating season.

🔍 Storage Snapshot

Current Inventory: 3,935 Bcf
Weekly Change: -11 Bcf
Year-over-Year: -32 Bcf
5-Year Average Surplus: +160 Bcf

This week’s draw was lighter than the 25 Bcf five-year average for the same period, reflecting mild weather and strong supply fundamentals.

The EIA reported a withdrawal of 11 Bcf out of underground storage for the week ending November 21, vs. an estimated withdrawal of 1 Bcf.

🌡️ Weather & Demand Drivers

Heating Degree Days (HDDs) fell 6% week-over-week, reducing residential and commercial demand.
Power sector gas burn rose 7% as lower wind and solar output required additional natural gas generation.
Coal, nuclear, and petroleum-fired generation declined slightly, aligning with reduced HDDs.

The muted withdrawal highlights how mild temperatures and renewable output shifts are shaping early-season balances.

📈 Market Reaction

Natural gas futures showed limited bullish momentum. The December NYMEX contract traded near $4.50/MMBtu, with traders cautious given elevated inventories and strong production.

Dry gas production averaged ~110.8 Bcf/d, only slightly lower week-over-week.
LNG feedgas demand held steady at ~17.8 Bcf/d, with Golden Pass LNG expected to begin commissioning cargoes in December.

🧭 Strategic Takeaways

Inventories remain high, offering a cushion against early cold snaps.
Weather risk is the key driver: colder forecasts later in November could tighten balances.
Supply strength continues to cap upside, with production and LNG exports balancing demand shifts.
End-of-season outlook: Current trajectory suggests storage could exit March 2026 near ~1,982 Bcf, well above historical medians.

📌 Bottom Line: The modest 11 Bcf withdrawal reinforces the narrative of a well-supplied market. While colder weather could spark volatility, elevated inventories and robust production keep fundamentals firmly in check.

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Sources:

Natural Gas Futures