Natural gas in storage fell 46 billion cubic feet in the November 17 week to 3,726 bcf. The second consecutive weekly decline after 32 weekly increases is also the second week of the heating season, when weekly drawdowns are the norm. The weekly decline dwarfed the small 2 bcf drop in the comparable week last year but was 1 bcf smaller than the 47 bcf average decrease for the corresponding 47th week of the year over the last 5 years. However, this average would have been much smaller were it not for an outsized 162 bcf decrease during the 47th week in 2014.
The week's drawdown put natural gas stocks 7.9 percent below last year at this time, when they were exceptionally high because of lower consumption due to a mild winter. Though inventories were 3.1 percent below the 5-year average for this time of year, they were still within the 5-year historical range.