Natural Gas Storage Falls 144 Bcf: Stocks 123 Bcf Below 5-Year Average
The EIA's latest Weekly Natural Gas Storage Report shows working gas at 2,070 billion cubic feet (Bcf) as of February 13, 2026. That's a net withdrawal of 144 Bcf from the prior week — a larger-than-normal draw driven by cold weather across much of the country. Current stocks sit 59 Bcf below last year and 123 Bcf below the five-year average of 2,193 Bcf, though still within the historical range. The South Central region (including Henry Hub) dropped 37 Bcf to 747 Bcf. For commercial gas buyers, the below-average storage position means spring injection season will need to work harder to rebuild inventories, which puts upward pressure on Henry Hub forward prices and next winter's gas supply contracts.
Regional Storage Breakdown
| Region | Current (Bcf) | Week Change | vs 5-Yr Avg |
|---|---|---|---|
| East | 374 | -47 | Below avg |
| Midwest | 488 | -42 | Below avg |
| South Central (Henry Hub) | 747 | -37 | Near avg |
| Mountain | 117 | -9 | Below avg |
| Pacific | 344 | -9 | Near avg |
| Total US | 2,070 | -144 | -123 vs avg |
Source: EIA Weekly Natural Gas Storage Report, Feb 13, 2026. Next report: Feb 26, 2026.
What the 123 Bcf Deficit Signals
A 123 Bcf deficit to the five-year average isn't alarming in isolation — storage remains within the historical range. But it matters for forward pricing because the spring injection season (April-October) must rebuild inventories to at least 3,600-3,800 Bcf before next winter. Starting from a lower base means:
- Sustained injection demand: More gas must flow into storage each week during spring/summer, reducing the supply available for power generation and export.
- Henry Hub support floor: Traders price the injection need into forward curves, creating a price floor that resists downside movement even if weather moderates.
- LNG export competition: US LNG export capacity continues to expand (Golden Pass, Plaquemines), pulling domestic gas to international markets. Injection competes with exports.
⚡ Expert Insight — KilowattLogic Research
"The 144 Bcf weekly draw is the number to watch. If draws continue at this pace through late February, we could end withdrawal season with storage near 1,800-1,900 Bcf — significantly below the 5-year end-of-season average. For commercial gas buyers, this is the signal to start locking in summer and winter 2026/27 fixed-rate supply. The forward curve already reflects some of this risk, but if March weather stays cold, prompt-month Henry Hub could push above $4.00/MMBtu again."
Commercial Gas Buyer Action Items
Below-average storage creates upward price pressure. Forward contracts purchased now may look cheap in hindsight if injection season underperforms.
Tomorrow's report will show if the draw pace is accelerating. A second consecutive large draw would steepen the forward curve.
East and Midwest regions show the deepest below-average deficits. If your facilities are in these regions, your basis differential may widen during constrained periods.
Sources: EIA Weekly Natural Gas Storage Report (Feb 13, 2026), EIA.gov, Natural Gas Intelligence, Oil and Gas 360, Alden Energy. Regional data from EIA Form 912. Next report: February 26, 2026.