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 5 cents from $3.19 per million British thermal units (MMBtu) last Wednesday to $3.14/MMBtu yesterday.
• Henry Hub futures price: The June 2025 NYMEX contract expired yesterday at $3.204/MMBtu, down 16 cents from last Wednesday. The July 2025 NYMEX contract price decreased to $3.557/MMBtu, down 18 cents from last Wednesday to yesterday. The price of the 12-month strip averaging July 2025 through June 2026 futures contracts declined 12 cents to $4.035/MMBtu.
• Select regional spot prices: Natural gas spot prices rose at most locations this report week (Wednesday, May 21 to Wednesday, May 28). Price changes ranged from a decrease of 84 cents/MMBtu at Tennessee Zone 4 Marcellus to an increase of $1.17/MMBtu at the Waha Hub.
• Prices on the West Coast were mixed this week. The price at SoCal Citygate in Southern California increased 84 cents from $2.93/MMBtu last Wednesday to $3.77/MMBtu yesterday. The price at PG&E Citygate in Northern California rose 30 cents, up from $2.96/MMBtu last Wednesday to $3.26/MMBtu yesterday. The price at Northwest Sumas on the Canada-Washington border, the main pricing point for natural gas in the Pacific Northwest, fell 39 cents from $2.00/MMBtu last Wednesday to $1.61/MMBtu yesterday. Average temperatures in the Western region rose 6°F this report week, leading to 84 cooling degree days (CDDs), 48 CDDs higher than normal. Natural gas consumption in the electric power sector in the Western region rose 19% (0.5 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 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 increased 38 cents to a weekly average of $12.45/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands increased 33 cents to a weekly average of $12.15/MMBtu. In the same week last year (week ending May 29, 2024), the prices were $12.00/MMBtu in East Asia and $10.86/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 0.6% (0.7 Bcf/d) compared with the previous report week. Dry natural gas production decreased by 0.3% (0.3 Bcf/d) to average 105.8 Bcf/d, and average net imports from Canada increased by 18.2% (1.0 Bcf/d) from last week.
• Demand: Total U.S. natural gas consumption fell by 0.8% (0.5 Bcf/d) compared with the previous report week, and cooler-than-normal weather was observed across much of the Eastern United States, according to data from S&P Global Commodity Insights. Natural gas consumed for power generation declined by 3.9% (1.3 Bcf/d) week over week. Natural gas consumption in the residential and commercial sector increased by 4.2% (0.5 Bcf/d) week over week, and industrial sector natural gas consumption increased by 1.0% (0.2 Bcf/d). Natural gas exports to Mexico decreased 4.1% (0.3 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 15.7 Bcf/d, essentially unchanged from last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals stood at 15.7 Bcf/d this week, essentially unchanged from last week, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana decreased 2.3% (0.2 Bcf/d) to 9.8 Bcf/d, and natural gas deliveries to terminals in South Texas increased 5.3% (0.2 Bcf/d), averaging 4.7 Bcf/d. Natural gas deliveries to terminals outside the Gulf Coast remained essentially unchanged, at 1.2 Bcf/d this week.
• Vessels departing U.S. ports: Twenty-nine LNG vessels with a combined LNG-carrying capacity of 109 Bcf departed the United States between May 22 and May 28, according to shipping data provided by Bloomberg Finance, L.P.: eight from Sabine Pass; five from Corpus Christi; four from Freeport; three each from Cameron, Calcasieu Pass, and Plaquemines; two from Cove Point; and one from Elba Island.

Rig Count

• According to Baker Hughes, for the week ending Tuesday, May 20, the natural gas rig count decreased by 2 rigs to 98 rigs. The Barnett added one rig, two rigs were dropped at the Eagle Ford, and one rig was dropped at the Utica. The number of oil-directed rigs fell by 8 rigs to 465 rigs. The Ardmore Woodford, Arkoma Woodford, Barnett, Cana Woodford, and Marcellus each dropped one rig. The Eagle Ford and Williston each dropped two rigs, and the Permian dropped three rigs. The Utica added three rigs, and one rig was added among unidentified producing regions. The total rig count, which includes 3 miscellaneous rigs, now stands at 566 rigs, 34 fewer rigs than last year at this time.

Storage

• Net injections into storage totaled 101 Bcf for the week ending May 23, compared with the five-year (2020–24) average net injections of 98 Bcf and last year's net injections of 84 Bcf during the same week. Working natural gas stocks totaled 2,476 Bcf, which is 93 Bcf (4%) more than the five-year average and 316 Bcf (11%) 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 79 Bcf to 108 Bcf, with a median estimate of 101 Bcf.

See also:

• Natural Gas Analysis Reports
• Short-Term Energy Outlook