Natural Gas

Today in Energy

Recent Today in Energy analysis of natural gas markets is available on the EIA website.

Market Highlights:

Prices

• Henry Hub spot price: The Henry Hub spot price rose 36 cents from $2.88 per million British thermal units (MMBtu) last Wednesday to $3.24/MMBtu yesterday.
• Henry Hub futures price: The October 2025 NYMEX contract expired Friday at $2.835/MMBtu, down 2 cents from last Wednesday. The November 2025 NYMEX contract price increased to $3.476/MMBtu, up 34 cents from last Wednesday to yesterday. The price of the 12-month strip averaging November 2025 through October 2026 futures contracts climbed 22 cents to $3.898/MMBtu.
• Select regional spot prices: Natural gas spot prices fell at most locations this report week (Wednesday, September 24, to Wednesday, October 1). Price changes ranged from a decrease of 98 cents at the Waha Hub to an increase of 82 cents at Algonquin Citygate.
• Prices were mixed in Texas this week. The price at Houston Ship Channel rose 25 cents this report week from $2.73/MMBtu to $2.98/MMBtu yesterday. The price at Texas Gas Zone 1 rose 25 cents this report week from $2.75/MMBtu to $3.00/MMBtu yesterday. Average temperatures in Texas through September 30 fell 5°F from last week to average 76°F, resulting in 233 cooling degree days (CDDs), 95 fewer CDDs than last week, but 24 more than normal for this time of year. The price at the Waha Hub in West Texas, which is located near Permian Basin production activities, fell 98 cents this report week, from -$1.52/MMBtu last Wednesday to -$2.50/MMBtu yesterday. The Waha Hub set a record-low average price for the month of September, with -$0.64/MMBtu, surpassing last year’s record low of $0.03/MMBtu. Out of 188 trading days this year, the Waha Hub recorded 30 days of negative natural gas prices, or 16%. September accounted for 14 of these days, nearly half of the total, as recent force majeure and maintenance events have limited pipeline capacity and producer takeaway options.

Daily spot prices by region are available on the EIA website.

• International futures prices: International natural gas futures prices decreased this report week. According to Bloomberg Finance, L.P., weekly average front-month futures prices for liquefied natural gas (LNG) cargoes in East Asia decreased 17 cents to a weekly average of $11.17/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands decreased 15 cents to a weekly average of $10.99/MMBtu. In the same week last year (week ending October 2, 2024), the prices were $13.16/MMBtu in East Asia and $12.58/MMBtu at TTF.
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Liquefied Natural Gas (LNG)

• Vessels departing U.S. ports: Thirty-two LNG vessels with a combined LNG-carrying capacity of 122 Bcf departed the United States between September 25 and October 1, according to shipping data provided by Bloomberg Finance, L.P.:
  • Nine tankers from Sabine Pass
  • Five each from Corpus Christi, Freeport, and Plaquemines
  • Four from Cameron
  • Three from Calcasieu Pass
  • One from Elba Island
• Vessels arriving at U.S. ports: One LNG vessel with a carrying capacity of 3 Bcf docked for off-loading at the Everett LNG terminal in Boston Harbor in Massachusetts between September 25 and October 1, according to shipping data provided by Bloomberg Finance, L.P.

Rig Count

• According to Baker Hughes, for the week ending Tuesday, September 23, the natural gas rig count dropped by 1 rig to 117 rigs. The Eagle Ford added two rigs, and the Utica added one rig. The Permian dropped two rigs, the Haynesville dropped one rig, and one rig was dropped among unidentified producing regions. The number of oil-directed rigs increased by 6 rigs to 424 rigs. The Eagle Ford, the Haynesville, and the Permian each added one rig, and three rigs were added among unidentified producing regions. The total rig count, which includes 8 miscellaneous rigs, now stands at 549 rigs, 38 fewer than at this time last year.

Storage

• Net injections into storage totaled 53 Bcf for the week ending September 26, compared with the five-year (2020–24) average net injections of 85 Bcf and last year's net injections of 54 Bcf during the same week. Working natural gas stocks totaled 3,561 Bcf, which is 171 Bcf (5%) more than the five-year average and 21 Bcf (1%) more than last year at this time.
• The average rate of injections into storage is 15% higher than the five-year average so far in the refill season (April through October). If the rate of injections into storage matched the five-year average of 10.4 Bcf/d for the remainder of the refill season, the total inventory would be 3,924 Bcf on October 31, which is 171 Bcf higher than the five-year average of 3,753 Bcf for that time of year.

See also:

• Natural Gas Analysis Reports
• Short-Term Energy Outlook