In our August 2021 Short-Term Energy Outlook (STEO), we forecast U.S. inventories of natural gas will reach 3,592 billion cubic feet (Bcf) by November 1, the beginning of the winter heating season. This amount is 159 Bcf below its previous five-year average (2016–2020). Above-average withdrawals of natural gas from storage in the 2020–2021 winter heating season and below-average injections into storage this summer contributed to our forecast of below-average inventories of natural gas, along with relatively flat dry natural gas production and high natural gas exports.
