EIA Natural Gas Storage Report 12-04-25

Tony Zelinski
Dec 4, 2025
2 min read

📊The EIA’s latest natural gas storage report shows a net withdrawal of 12 Bcf for the week ending November 28, 2025, bringing total working gas in storage to 3,923 Bcf. While this marks the second consecutive draw of the season, inventories remain 18 Bcf below last year and 191 Bcf above the five-year average of 3,732 Bcf.

🔍 Storage Snapshot

Metric	Value
Weekly Net Change	-12 Bcf
Total Working Gas	3,923 Bcf
Year-over-Year Difference	-18 Bcf
5-Year Average Surplus	+191 Bcf

Storage remains well within the five-year historical range, offering a cushion against early winter volatility

🌡️ Weather & Demand Drivers

Residential/Commercial demand surged above 50 Bcf/d as colder-than-normal temperatures spread across the East and Midwest.
Heating Degree Days (HDDs) increased sharply, and weather models continue to add bullish HDDs through mid-December.
Power burn remained stable, while industrial demand saw modest gains.

Despite the colder trend, the withdrawal was modest—suggesting strong supply and limited early-season demand intensity.

⚙️ Supply & LNG Trends

Dry gas production held firm between 108.2–108.7 Bcf/d, with Haynesville gains offsetting Permian softness.
LNG feedgas demand hit near-record levels at ~19.2 Bcf/d, bolstered by CC Stage 3 commissioning activity (0.8–1.0 Bcf/d).
Export flows remain robust, supporting bullish sentiment despite elevated inventories.

📈 Market Reaction

The NYMEX January contract closed at $4.96/MMBtu, up $0.16 from Tuesday. The week’s average of $4.93/MMBtu is roughly $0.25 higher than last week’s, reflecting growing weather risk and strong LNG demand.

Traders are weighing bullish weather models against ample storage and resilient production, keeping prices in a narrow but elevated range.

🧭 Strategic Takeaways

Inventories remain high, but colder weather and LNG exports are tightening balances.
Production strength continues to cap upside, but deeper draws may emerge if cold persists.
Watch for volatility as December progresses—weather model shifts and export dynamics will drive price action.

📌 Bottom Line: The 12 Bcf draw confirms the seasonal shift, but the market remains well-supplied. With bullish weather and record LNG demand, deeper withdrawals could emerge in the coming weeks.

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Sources:

Natural Gas Futures