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 11 cents from $3.30 per million British thermal units (MMBtu) last Wednesday to $3.19/MMBtu yesterday.
• Henry Hub futures price: The price of the June 2025 NYMEX contract decreased 12 cents, from $3.492/MMBtu last Wednesday to $3.368/MMBtu yesterday. The price of the 12-month strip averaging June 2025 through May 2026 futures contracts declined 8 cents to $4.097/MMBtu.
• Select regional spot prices: Natural gas spot prices fell at most locations this report week (Wednesday, May 14 to Wednesday, May 21). Price changes ranged from a 52 cent decrease at the Waha Hub to a 37 cent increase at Cheyenne Hub.
• In the Southeast, the FGT Citygate prices, which reflect deliveries into Florida via the Florida Gas Transmission system, increased 22 cents this report week, from $3.70/MMBtu to $3.92/MMBtu yesterday. Temperatures in the Orlando Area rose in the middle of the report week and reached an average high of 85°F on Monday through Wednesday, 6°F-7°F above normal. More broadly, the Southeast region had 254 more cooling degree days (CDDs) than the previous week, or 144 more CDDs than normal. Natural gas consumption in the Southeast electric power sector increased by 18% (1.7 Bcf/d), according to data from S&P Global Commodity Insights, as a result of higher-than-average temperatures mid-week increasing air-conditioning demand.

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., the weekly average front-month futures price for liquefied natural gas (LNG) cargoes in East Asia increased 61 cents to a weekly average of $12.07/MMBtu. Natural gas futures at the Title Transfer Facility (TTF) in the Netherlands increased 27 cents to a weekly average of $11.82/MMBtu. In the same week last year (week ending May 22, 2024), the prices were $11.50/MMBtu in East Asia and $10.20/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 1.2% (1.4 Bcf/d) compared with the previous report week. Dry natural gas production grew by 0.4% (0.4 Bcf/d) to average 106.1 Bcf/d, and average net imports from Canada increased by 19.6% (0.9 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas rose by 5.7% (3.7 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 9.6% (2.9 Bcf/d) due to warmer spring temperatures across the Southeast and Texas. Consumption in the residential and commercial sector increased by 8.2% (1.0 Bcf/d) and consumption in the industrial sector decreased by 0.9% (0.2 Bcf/d) week over week. Natural gas exports to Mexico increased 5.0% (0.4 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 15.6 Bcf/d, or 0.2 Bcf/d lower than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals decreased 0.2 Bcf/d from last week to 15.6 Bcf/d this week, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana decreased 3.2% (0.3 Bcf/d) to 10.0 Bcf/d, and natural gas deliveries to terminals in South Texas increased 2.9% (0.1 Bcf/d), averaging 4.5 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 (eight from Sabine Pass; five from Freeport; four from Corpus Christi; three each from Cameron, Calcasieu Pass, and Plaquemines; and one from Cove Point) with a combined LNG-carrying capacity of 103 Bcf departed the United States between May 15 and May 21, according to shipping data provided by Bloomberg Finance, L.P.

Rig Count

• According to Baker Hughes, for the week ending Tuesday, May 13, the natural gas rig count fell by 1 rig to 100 rigs. The Eagle Ford and the Barnett each dropped 1 rig, and 1 rig was added among unidentified producing regions. The number of oil-directed wells fell by 1 rig to 473. The Barnett, Eagle Ford, and Utica each added 1 rig. The Permian dropped 3 rigs, and 1 rig was dropped among unidentified producing regions. The total rig count, which includes 3 miscellaneous rigs, now stands at 576 rigs, 28 fewer than last year at this time.

Storage

• Net injections into storage totaled 120 Bcf for the week ending May 16. The five-year (2020–24) average net injections are 87 Bcf and last year's net injections were 78 Bcf during the same week. Working natural gas stocks totaled 2,375 Bcf, which is 4% higher (at 90 Bcf) than the five-year average and 12 % lower (at 333 Bcf) than last year at this time. This week makes the fourth consecutive week of net injections of 100 Bcf or greater for the Lower 48 states.
• 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 108 Bcf to 130 Bcf, with a median estimate of 120 Bcf.

See also:

• Natural Gas Analysis Reports
• Short-Term Energy Outlook