EIA Natural Gas Storage Build Of +104 Bcf Exceeds Estimates

On May 8, 2025, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage increased by +104 Bcf from the previous week, compared to analyst forecast of +101 Bcf. In the previous week, working gas in storage grew by +107 Bcf.

At current levels, stocks are -412 Bcf less than last year and +30 Bcf above the five-year average for this time of the year.

Natural gas prices gained some ground as traders reacted to the report. Inventory build exceeded analyst estimates but traders stay bullish.

Current demand for natural gas remains low. However, traders bet that demand will increase in the second half of the month. It looks that general market mood, which is driven by hopes for tariff deals, provides additional support to natural gas market.

From the technical point of view, natural gas continues its attempts to settle above the resistance level at $3.60 – $3.65. This resistance level has already been tested several times and proved its strength. In case natural gas manages to settle above the $3.65 level, it will move towards the next resistance, which is located in the $3.95 – $4.00 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

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