According to the Energy Information Administration (EIA), net withdrawals from natural gas storage fields across the U.S. reached a historical peak for the week ending January 5, 2018. The net withdrawals totaled 359 billion cubic feet, exceeding the prior record of 288 billion cubic feet that was set in January 2014. The cold also impacted natural gas production as low temperatures resulted in freeze-offs—when water vapor in the natural gas stream freezes and blocks the flow—in the Appalachian and Permian basins. Freeze-offs were also reported in the Marcellus and Utica shales.
Despite these withdrawal amounts, EIA data shows that both spot and futures prices for February–May are under $3.
