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 fell 9 cents from $3.07 per million British thermal units (MMBtu) last Wednesday to $2.98/MMBtu yesterday.
• Henry Hub futures price: The August 2025 NYMEX contract expired Tuesday at $3.081/MMBtu, up less than 1 cent from last Wednesday. The September 2025 NYMEX contract price decreased to $3.045/MMBtu, down 7 cents from last Wednesday to yesterday. The price of the 12-month strip averaging September 2025 through August 2026 futures contracts declined 8 cents to $3.748/MMBtu.
• Select regional spot prices: Natural gas spot prices fell at most locations this report week (Wednesday, July 23, to Wednesday, July 30). Price changes ranged from a decrease of $2.51 at Algonquin Citygate to an increase of $4.96 at FGT Citygate.
• Prices fell in the Northeast this week. At Algonquin Citygate, which serves Boston-area consumers, the price fell $2.51 from $5.39/MMBtu last Wednesday to $2.88/MMBtu yesterday, after reaching an intraweek high of $5.76/MMBtu on Monday, July 28. Average temperatures in New England rose 3°F this report week, which led to 24 more cooling degree days (CDDs) compared with the previous week. Algonquin Gas Transmission issued two operational flow orders, one on July 24 and another on July 28, requiring shippers to closely balance scheduled nominations with actual usage. These orders were published ahead of two intraweek temperature spikes, which raised consumption in the electric power sector. At the Transco Zone 6 NY trading point for New York City, the price decreased 39 cents from $2.97/MMBtu last Wednesday to $2.58/MMBtu yesterday, after reaching an intraweek high of $3.11/MMBtu on Monday, July 28. The Transco pipeline, owned and operated by the Williams Companies, issued operational flow orders on July 28 and July 30 to ensure its customers matched actual natural gas deliveries with scheduled nominations. Average temperatures in the New York/New Jersey region rose 4°F this report week, which led to 102 CDDs, 26 more CDDs than last report week. Natural gas consumption in the Northeast electric power sector rose 21% (2.6 billion cubic feet per day [Bcf/d]) this report week, according to data from S&P Global Commodity Insights.

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 9 cents to a weekly average of $11.94/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands decreased 12 cents to a weekly average of $11.32/MMBtu. In the same week last year (week ending July 31, 2024), the prices were $12.35/MMBtu in East Asia and $10.70/MMBtu at TTF.
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Supply and Demand

• Supply: According to data from S&P Global Commodity Insights, the average total supply of natural gas rose by 0.2% (0.3 Bcf/d) compared with the previous report week. Dry natural gas production grew by 0.1% (0.2 Bcf/d) to average 106.9 Bcf/d, and average net imports from Canada increased by 1.9% (0.1 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas rose by 6.8% (5.1 Bcf/d) compared with the previous report week, according to data from S&P Global Commodity Insights. Natural gas consumed for power generation rose by 10.3% (4.5 Bcf/d) week over week as warmer temperatures were observed in the eastern United States. Consumption in the residential and commercial sector increased by 6.2% (0.6 Bcf/d), and consumption in the industrial sector increased by 0.1% (less than 0.1 Bcf/d). Natural gas exports to Mexico increased 4.3% (0.3 Bcf/d), and natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 15.4 Bcf/d, or 0.8 Bcf/d lower than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals decreased 0.8 Bcf/d from last week to 15.4 Bcf/d, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana decreased by 2.8% (0.3 Bcf/d) to 10.6 Bcf/d, while natural gas deliveries to terminals in South Texas decreased by 14.3% (0.6 Bcf/d) to 3.6 Bcf/d. Natural gas deliveries to terminals outside the Gulf Coast rose 14.4% (0.2 Bcf/d) to 1.2 Bcf/d this week.
• Vessels departing U.S. ports: Twenty-eight LNG vessels with a combined LNG-carrying capacity of 108 Bcf departed the United States between July 24 and July 30, according to shipping data provided by Bloomberg Finance, L.P.:
  • Eight tankers from Sabine Pass
  • Four each from Cameron, Corpus Christi, and Plaquemines
  • Three each from Freeport and Calcasieu Pass
  • Two from Cove Point
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  Rig Count

  • According to Baker Hughes, for the week ending Tuesday, July 22, the natural gas rig count increased by 5 rigs from a week ago to 122 rigs, a 13% increase in total natural gas rigs over the past two weeks. The Eagle Ford added three rigs, the Marcellus added one rig, and one rig was added among unidentified producing regions. The number of oil-directed rigs fell by 7 rigs to 415 rigs, the 13th straight week of declines. In total, 60 oil rigs (or 13%) have been dropped since April 25, 2025. The DJ-Niobrara added one rig. The Eagle Ford dropped five rigs, and the Permian dropped three rigs. The total rig count, which includes 5 miscellaneous rigs, now stands at 542 rigs, 47 fewer rigs than at this time last year.
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  Storage

  • Net injections into storage totaled 48 Bcf for the week ending July 25, compared with the five-year (2020–24) average net injections of 24 Bcf and last year's net injections of 18 Bcf during the same week. Working natural gas stocks totaled 3,123 Bcf, which is 195 Bcf (7%) more than the five-year average and 123 Bcf (4%) lower than last year at this time.
  • According to The Desk survey of natural gas analysts, estimates of the weekly net change to working natural gas stocks ranged from net injections of 31 Bcf to 58 Bcf, with a median estimate of 39 Bcf.
  • The average rate of injections into storage is 24% 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 8.4 Bcf/d for the remainder of the refill season, the total inventory would be 3,948 Bcf on October 31, which is 195 Bcf higher than the five-year average of 3,753 Bcf for that time of year.
  More storage data and analysis can be found on the Natural Gas Storage Dashboard and the Weekly Natural Gas Storage Report.
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  See also:

  • Natural Gas Analysis Reports
  • Short-Term Energy Outlook
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