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 13 cents from $3.17 per million British thermal units (MMBtu) last Wednesday to $3.30/MMBtu yesterday.
• Henry Hub futures price: The price of the June 2025 NYMEX contract decreased 13 cents, from $3.621/MMBtu last Wednesday to $3.492/MMBtu yesterday. The price of the 12-month strip averaging June 2025 through May 2026 futures contracts declined 7 cents to $4.181/MMBtu.
• Select regional spot prices: Natural gas spot prices fell at most locations this report week (Wednesday, May 7, to Wednesday, May 14). Price changes ranged from a decrease of $1.49 at the Waha Hub to an increase of 43 cents at Northwest Sumas.
• Prices in Texas were mixed this week. The price at the Houston Ship Channel rose 13 cents this report week from $2.95/MMBtu last Wednesday to $3.08/MMBtu yesterday. Average temperatures in Texas rose 3°F from last week to average 71°F, resulting in 120 cooling degree days (CDD), 46 more CDDs than the previous week. Average temperatures reached an intraweek high of 81°F on May 14 as a heat wave affected most of the state toward the end of the report week. Natural gas consumed in the electric power sector statewide rose 10% (0.5 billion cubic feet per day [Bcf/d]) this week to 5.3 Bcf/d to meet increased air-conditioning demand, according to data from S&P Global Commodity Insights. In the region overseen by the Electric Reliability Council of Texas (ERCOT), which manages 90% of electricity load in Texas, system electricity load on Wednesday set an hourly system-wide load record for the month of May, totaling 77.8 gigawatts (GW) for the hour ended 5:00 p.m., higher than the previous hourly record of 77.1 GW, according to ERCOT data. The price at the Waha Hub in West Texas, which is located near Permian Basin production activities, fell $1.49 this report week, from $2.54/MMBtu last week to $1.05/MMBtu yesterday. The Waha Hub traded $2.25 below the Henry Hub price yesterday, compared with last week when it traded 63 cents below the Henry Hub price. Scheduled maintenance activities on El Paso Natural Gas Line 2000 have lowered gas takeaway capacity in West Texas this report week.

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 16 cents to a weekly average of $11.46/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands increased 44 cents to a weekly average of $11.55/MMBtu. In the same week last year (week ending May 15, 2024), the prices were $10.46/MMBtu in East Asia and $9.50/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 0.4% (0.5 Bcf/d) compared with the previous report week. Dry natural gas production grew by 0.6% (0.7 Bcf/d) to average 105.7 Bcf/d, and average net imports from Canada decreased by 3.3% (0.2 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas fell by 2.0% (1.3 Bcf/d) compared with the previous report week, according to data from S&P Global Commodity Insights. Consumption in the residential and commercial sector declined by 9.5% (1.3 Bcf/d) as milder spring temperatures were observed across much of the United States. Consumption in the industrial sector decreased by 0.8% (0.2 Bcf/d). Natural gas consumed for power generation rose by 0.4% (0.1 Bcf/d) week over week. Natural gas exports to Mexico increased 2.8% (0.2 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 15.9 Bcf/d, or 0.8 Bcf/d higher than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals increased 5.0% (0.8 Bcf/d) from last week to 15.9 Bcf/d this week, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana increased 5.0% (0.5 Bcf/d) to 10.3 Bcf/d, and natural gas deliveries to terminals in South Texas increased 6.2% (0.3 Bcf/d), averaging 4.3 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-nine LNG vessels (11 from Sabine Pass; 4 each from Corpus Christi and Freeport; 3 each from Calcasieu Pass and Plaquemines; 2 from Cameron; and 1 each from Cove Point and Elba Island) with a combined LNG-carrying capacity of 109 Bcf departed the United States between May 8 and May 14, according to shipping data provided by Bloomberg Finance, L.P.

Rig Count

• According to Baker Hughes, for the week ending Tuesday, May 6, the natural gas rig count was unchanged at 101 rigs. The number of oil-directed wells fell by 5 rigs to 474 rigs. The Cana Woodford and the Granite Wash each added three rigs. The DJ-Niobrara dropped one rig, the Permian dropped two rigs, and eight rigs were dropped among unidentified producing regions. The total rig count, which includes 3 miscellaneous rigs, now stands at 578 rigs, 25 fewer rigs than last year at this time.

Storage

• Net injections into storage totaled 110 Bcf for the week ending May 9, compared with the five-year (2020–24) average net injections of 83 Bcf and last year's net injections of 73 Bcf during the same week. Working natural gas stocks totaled 2,255 Bcf, which is 57 Bcf (3%) more than the five-year average and 375 Bcf (14%) 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 97 Bcf to 119 Bcf, with a median estimate of 110 Bcf.

See also:

• Natural Gas Analysis Reports
• Short-Term Energy Outlook