📉 EIA Natural Gas Storage Report – Week Ending January 2, 2026

Tony Zelinski
a few seconds ago
2 min read

The EIA reported a 119 Bcf withdrawal from U.S. natural gas storage for the week ending January 2, 2026, pulling total working gas down to 3,256 Bcf. This marks a moderate early‑January draw as winter heating demand continues to build across the Lower 48.

Inventories now sit:

123 Bcf below last year at this time
31 Bcf above the five‑year average of 3,225 Bcf
Within the five‑year historical range

While stocks remain comfortably above normal, the year‑over‑year deficit continues to widen—an important trend as winter progresses.

🔍 Regional Breakdown

All regions posted withdrawals, with the Midwest and East leading the draw:

Region	Weekly Change (Bcf)	Storage Level (Bcf)
East	–39	697
Midwest	–44	821
Mountain	–8	256
Pacific	–3	304
South Central	–25	1,178
• Salt	0	343
• Nonsalt	–24	835

Totals may not equal the sum of components due to rounding.

The Midwest saw the largest pull, consistent with colder‑than‑normal temperatures across the region during the reporting week.

🌡️ Weather & Demand Drivers

The withdrawal reflects a combination of:

Seasonal heating demand across the East, Midwest, and Mountain regions
Stable LNG feedgas demand, which continues to support baseline consumption
Strong production, which helped moderate the size of the draw

While the week included meaningful cold, it did not feature the type of deep, prolonged Arctic outbreak that typically produces triple‑digit regional draws.

⚙️ Supply & Production Context

Although the EIA report does not include production data, broader market indicators show:

U.S. dry gas production remains historically strong
Freeze‑offs were limited during the period
Storage levels remain resilient despite colder weather

This combination continues to keep withdrawals in a manageable range.

📈 Market Implications

With inventories still above the five‑year average, the market retains a buffer heading into mid‑winter. However, the year‑over‑year deficit of 123 Bcf is becoming more pronounced, signaling that balances are tightening compared to last winter.

Traders will be watching:

Mid‑January weather patterns, which currently show mixed signals
LNG export volumes, which remain a key swing factor
Production stability, especially if colder weather introduces freeze‑off risk

🧭 Strategic Takeaways

119 Bcf withdrawal is seasonally appropriate and aligned with expectations
Inventories remain healthy, but the year‑over‑year deficit is widening
Weather remains the dominant driver as we move deeper into winter
Market volatility may increase if colder patterns emerge in late January

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Sources:

Natural Gas Futures