The withdrawal follows the two largest in recent years: 359 Bcf in January 2018 and 338 Bcf in February 2021, the week of Winter Storm Uri, according to EIA records that date back to 2010.
Amid a severe cold snap last week, the U.S. experienced a significant spike in natural gas demand, leading to a record withdrawal from storage. The U.S. Energy Information Administration (EIA) reported that utilities withdrew a massive 326 billion cubic feet (Bcf) of natural gas from storage for the week ending January 19, marking the third-highest withdrawal on record. This substantial drawdown was driven by extreme cold weather that heightened gas demand to a daily record high and simultaneously reduced both gas production and liquefied natural gas (LNG) feedgas to a one-year low.