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 5 cents from $3.12 per million British thermal units (MMBtu) last Wednesday to $3.17/MMBtu yesterday.
• Henry Hub futures price: The price of the June 2025 NYMEX contract increased 30 cents, from $3.326/MMBtu last Wednesday to $3.621/MMBtu yesterday. The price of the 12-month strip averaging June 2025 through May 2026 futures contracts climbed 23 cents to $4.254/MMBtu.
• Select regional spot prices: Natural gas spot prices rose at most locations this report week (Wednesday, April 30, to Wednesday, May 7). Price changes ranged from a decrease of 17 cents at Northwest Sumas to an increase of $1.29 at SoCal Border–Ehrenberg.
• Prices on the West Coast were mixed this week. The price at SoCal Border–Ehrenberg in Southern California increased $1.29 from $1.81/MMBtu last Wednesday to $3.10/MMBtu yesterday. In the Desert Southwest region, natural gas consumption in the electric power sector rose 19% (0.3 billion cubic feet per day [Bcf/d]) during this report week, according to data from S&P Global Commodity Insights. Partial outages have been reported at the Diablo Canyon nuclear generating facility in California and the Palo Verde nuclear generating facility in Arizona. The price at Sumas on the Canada-Washington border, the main pricing point for natural gas in the Pacific Northwest, fell 17 cents from $1.41/MMBtu last Wednesday to $1.24/MMBtu yesterday. Average temperatures in the Pacific Northwest rose 1°F this week to 52°F, leading to 90 heating degree days (HDDs), 10 HDDs fewer than last week. Total natural gas consumption in the Pacific Northwest fell 30% (0.4 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 increased this report week. According to Bloomberg Finance, L.P., weekly average front-month futures prices for liquefied natural gas (LNG) cargoes in East Asia were essentially unchanged week over week at a weekly average of $11.30/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands increased 26 cents to a weekly average of $11.11/MMBtu. In the same week last year (week ending May 8, 2024), the prices were $10.46/MMBtu in East Asia and $9.77/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 fell by 0.5% (0.5 Bcf/d) compared with the previous report week. Dry natural gas production decreased by 0.2% (0.2 Bcf/d) to average 105.0 Bcf/d, and average net imports from Canada decreased by 6.0% (0.3 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas fell by 0.4% (0.2 Bcf/d) compared with the previous report week, according to data from S&P Global Commodity Insights. Natural gas consumed for power generation declined by 0.8% (0.2 Bcf/d) week over week. Consumption in the industrial sector increased by 0.9% (0.2 Bcf/d), and consumption in the residential and commercial sector declined by 1.6% (0.2 Bcf/d). Natural gas exports to Mexico decreased 2.4% (0.2 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 15.1 Bcf/d, or 1.3 Bcf/d lower than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals decreased 1.3 Bcf/d from last week to 15.1 Bcf/d this week, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana decreased 8.0% (0.9 Bcf/d) to 9.9 Bcf/d, and natural gas deliveries to terminals in South Texas decreased 9.1% (0.4 Bcf/d), averaging 4.1 Bcf/d. Natural gas deliveries to terminals outside the Gulf Coast were essentially unchanged at 1.2 Bcf/d this week.
• Vessels departing U.S. ports: Twenty-seven LNG vessels (six from Sabine Pass; four each from Corpus Christi, Freeport, and Plaquemines; three each from Cameron and Calcasieu Pass; two from Cove Point; and one from Elba Island) with a combined LNG-carrying capacity of 101 Bcf departed the United States between May 1 and May 7, according to shipping data provided by Bloomberg Finance, L.P.

Rig Count

• According to Baker Hughes, for the week ending Tuesday, April 29, the natural gas rig count increased by 2 to 101. The Eagle Ford and the Haynesville each added one rig. The number of oil-directed rigs fell by 4 to 479. The Eagle Ford and the Permian each dropped two rigs and the Utica dropped three rigs, while three rigs were added among unidentified producing regions. The total rig count, which includes 4 miscellaneous rigs, decreased by 3, and it now stands at 584, 21 fewer rigs than last year at this time.

Storage

• Net injections into storage totaled 104 Bcf for the week ending May 2, compared with the five-year (2020–24) average net injections of 79 Bcf and last year's net injections of 81 Bcf during the same week. Working natural gas stocks totaled 2,145 Bcf, which is 30 Bcf (1%) more than the five-year average and 412 Bcf (16%) 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 91 Bcf to 115 Bcf, with a median estimate of 100 Bcf.

See also:

• Natural Gas Analysis Reports
• Short-Term Energy Outlook