US natural gas inventories fall less than expected

US natural gas inventories declined during the week ended Jan. 30, but remained above the five-year average.

Data by the US Energy Information Administration (EIA), released on Feb. 5, showed that natural gas stocks fell by 360 billion cubic feet (bcf), compared with market expectations for a decline of 374 bcf.

This decline comes as natural gas inventories saw massive withdrawals during the past week as temperatures fell and snowfall increased, leading to higher demand for heating.