EIA Natural Gas Storage Build Of +16 Bcf Misses Estimates

On April 17, 2025, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage increased by +16 Bcf from the previous week, compared to analyst forecast of +24 Bcf. In the previous week, working gas in storage increased by +57 Bcf.

At current levels, stocks are -480 Bcf less that last year and -74 Bcf below the five-year average for this time of the year.

Natural gas prices moved higher as traders reacted to the EIA report. The storage build missed analyst estimates, which may provide some support to natural gas markets after the recent pullback.

The current demand for natural gas is moderate. Weather forecasts indicate that demand could remain moderate for the rest of the week. It should be noted that bearish weather forecasts have served as the key driver for the recent pullback in natural gas markets. Thus, traders will stay focused on the fluctuations of weather forecasts, which may have a material impact on market dynamics.

From the technical point of view, natural gas is moving towards the nearest resistance level at $3.35 – $3.40. In case natural gas settles above the $3.40 level, it will head towards the next resistance, which is located in the $3.70 – $3.75 range.

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