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 9 cents from $3.51 per million British thermal units (MMBtu) last Wednesday to $3.60/MMBtu yesterday.
• Henry Hub futures price: The price of the December 2025 NYMEX contract increased 30 cents, from $4.232/MMBtu last Wednesday to $4.533/MMBtu yesterday. A year ago, the natural gas futures price for December 2024 was $2.983/MMBtu. The price of the 12-month strip averaging December 2025 through November 2026 futures contracts climbed 15 cents to $4.199/MMBtu.
• Select regional spot prices: Natural gas prices rose at most locations this report week (Wednesday, November 5 to Wednesday, November 12). Price changes ranged from a decrease of 7 cents at the Tennessee Zone 4 Marcellus Hub to an increase of $2.07 at the Waha Hub.
• Natural gas prices in the Northeast varied last week due to colder weather. The Algonquin Citygate, serving the Boston area, reflected a price increase of 59 cents from $3.59/MMBtu last Wednesday to $4.18/MMBtu yesterday. This price hub can reflect some of the highest natural gas spot prices in North America in the winter due to regional pipeline capacity constraints that affect New England’s dual space heat and electricity needs. Temperatures in the Boston Area averaged 46°F this report week, resulting in 29 more heating degree days (HDDs) than last week. A temperature drop to a low of 41°F on Monday further raised demand, causing an intra-week peak price of $6.56/MMBtu at Algonquin Citygate. The Algonquin Gas Transmission pipeline issued an operational flow order on Monday, requiring shippers to ensure "that actual deliveries of gas out of the system must be equal to or less than scheduled deliveries." Overall, natural gas consumption in the Northeast rose by 23% (2.3 billion cubic feet per day [Bcf/d]), primarily driven by residential and commercial heating demand. The region experienced 551 HDDs, which is 81 more than normal and 103 more than the previous week.

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 increased 1 cent to a weekly average of $11.14/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands decreased 12 cents to a weekly average of $10.58/MMBtu. In the same week last year (week ending November 13, 2024), the prices were $13.54/MMBtu in East Asia and $13.48/MMBtu at TTF.
Top

Liquefied Natural Gas (LNG)

• Vessels departing U.S. ports: Thirty-four LNG vessels with a combined LNG-carrying capacity of 129 billion cubic feet (Bcf) departed the United States between November 6 and November 12, according to shipping data provided by Bloomberg Finance, L.P.:
  • Nine tankers from Sabine Pass
  • Six from Plaquemines
  • Five each from Corpus Christi and Freeport
  • Four from Cameron
  • Three from Calcasieu Pass
  • One each from Cove Point and Elba Island

Rig Count

• According to Baker Hughes, for the week ending Tuesday, November 4, the natural gas rig count increased by 3 rigs from a week ago to 128 rigs. The Haynesville added two rigs, and one rig was added among unidentified producing regions. On a net basis, the Haynesville has added 10 natural gas rigs so far in 2025. The number of oil-directed rigs remained unchanged from last week at 414 rigs. The Cana Woodford, the Granite Wash, the Haynesville, and the Eagle Ford each dropped one rig. Unidentified regions added four rigs last week. The total rig count, which includes 6 miscellaneous rigs, now stands at 548 rigs, 37 fewer than at this time last year.

Storage

Net injections into storage totaled 45 Bcf for the week ending November 7, compared with the five-year (2020–24) average net injections of 35 Bcf and last year's net injections of 45 Bcf during the same week. Working natural gas stocks totaled 3,960 Bcf, which is 172 Bcf (5%) more than the five-year average and 6 Bcf (0%) lower than last year at this time.

See also:

• Natural Gas Analysis Reports
• Short-Term Energy Outlook