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 35 cents from $3.08 per million British thermal units (MMBtu) last Wednesday to $3.43/MMBtu yesterday.
• Henry Hub futures price: The price of the August 2025 NYMEX contract increased 34 cents, from $3.214/MMBtu last Wednesday to $3.551/MMBtu yesterday. The price of the 12-month strip averaging August 2025 through July 2026 futures contracts climbed 25 cents to $4.132/MMBtu.
• Select regional spot prices: Average natural gas spot prices increased throughout the country this report week (Wednesday, July 9, to Wednesday, July 16) with the exception of several western hubs. Overall, average spot price changes ranged from a decrease of $1.75/MMBtu at Northwest Sumas to an increase of $6.81/MMBtu at Algonquin Citygate.
• In the Northeast, prices at Algonquin Citygate, a natural gas benchmark price covering Boston-area consumers, rose $6.81/MMBtu from $2.93/MMBtu last Wednesday to $9.74/MMBtu yesterday, reaching a high of $13.25/MMBtu on Tuesday, July 15. Temperatures in the Boston Area rose to a high of 95°F on July 16, with the heat index reaching 100°F due to high humidity, and a heat advisory issued for July 16–17. Pipeline capacity into New England was affected by a planned maintenance outage on the Algonquin Gas Transmission system and an operational flow order requiring shippers to closely balance scheduled nominations with actual usage. Prices at Transco Zone 6 New York rose $0.72/MMBtu from $2.78/MMBtu last Wednesday to $3.50/MMBtu yesterday. New York City also experienced hot and humid weather as temperatures rose to a high of 87°F on July 16, with a heat index of 94°F. A heat advisory was issued for July 16–17 in New York City. Pipeline operators into New York indicated constraints on their systems. The Northeast region had 356 cooling degree days (CDDs), 80 more CDDs than normal and 18 CDDs more than the previous week. Natural gas consumption for power generation in the Northeast rose 2.7%, or 0.4 billion cubic feet per day (Bcf/d), from the previous week, as air-conditioning consumption rose, 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 price changes were mixed 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 15 cents to a weekly average of $12.97/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands increased 32 cents to a weekly average of $12.00/MMBtu. In the same week last year (week ending July 17, 2024), the prices were $12.28/MMBtu in East Asia and $10.16/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 0.5% (0.5 Bcf/d) compared with the previous report week. Dry natural gas production grew by 0.2% (0.3 Bcf/d) to average 106.5 Bcf/d, and average net imports from Canada increased by 4.4% (0.3 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas rose by 2.5% (1.9 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 4.2% (1.8 Bcf/d) week over week, as slightly warmer weather was observed across the West and Northeast. Consumption in the industrial sector decreased by 0.3% (0.1 Bcf/d) week over week and consumption in the residential and commercial sector increased by 1.2% (0.1 Bcf/d). Natural gas exports to Mexico decreased 1.5% (0.1 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 16.5 Bcf/d, or 0.4 Bcf/d higher than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals rose 2.7% (0.4 Bcf/d) to end at 16.5 Bcf/d this week, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana increased 1.7% (0.2 Bcf/d) to 10.7 Bcf/d, and natural gas deliveries to terminals in South Texas increased 8.0% (0.3 Bcf/d), averaging 4.6 Bcf/d. Natural gas deliveries to terminals outside the Gulf Coast decreased 7% (0.1 Bcf/d) to 1.1 Bcf/d this week.
• Vessels departing U.S. ports: Thirty LNG vessels with a combined LNG-carrying capacity of 114 Bcf departed the United States between July 10 and July 16, according to shipping data provided by Bloomberg Finance, L.P.
  • Seven tankers from Sabine Pass
  • Five each from Corpus Christi and Plaquemines
  • Four each from Cameron and Freeport
  • Three from Calcasieu Pass
  • Two from Cove Point
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  Rig Count

  • According to Baker Hughes, for the week ending Tuesday, July 8, the natural gas rig count remained unchanged at 108 rigs. Haynesville added one rig, and one rig was dropped among unidentified producing regions. The number of oil-directed rigs fell by 1 rig to 424 rigs, the 11th straight week of declines. The Granite Wash added one rig, and two were added among unidentified producing regions. The Cana Woodford dropped three rigs, and the Ardmore Woodford dropped one rig. The total rig count, which includes 5 miscellaneous rigs, now stands at 537 rigs, 47 fewer rigs than at this time last year.
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  Storage

  • Net injections into storage totaled 46 Bcf for the week ending July 11, compared with the five-year (2020–24) average net injections of 41 Bcf and last year's net injections of 18 Bcf during the same week. Working natural gas stocks totaled 3,052 Bcf, which is 178 Bcf (6%) more than the five-year average and 156 Bcf (5%) 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 35 Bcf to 55 Bcf, with a median estimate of 46 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 7.8 Bcf/d for the remainder of the refill season, the total inventory would be 3,931 Bcf on October 31, which is 178 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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