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 $3.00 per million British thermal units (MMBtu) last Wednesday to $2.89/MMBtu yesterday.
• Henry Hub futures price: The price of the October 2025 NYMEX contract decreased 4 cents, from $3.064/MMBtu last Wednesday to $3.029/MMBtu yesterday. The price of the 12-month strip averaging October 2025 through September 2026 futures contracts declined 3 cents to $3.696/MMBtu.
• Select regional spot prices: Natural gas spot prices fell at most locations this report week (Wednesday, September 3, to Wednesday, September 10). Price changes ranged from an 85-cent decrease at the SoCal Border (Ehrenberg) to a 5-cent increase at the Tennessee Zone 4 Marcellus, with milder than average temperatures across most of the country.
• In the Northeast, prices at the Algonquin Citygate, which serves Boston-area consumers, fell 47 cents from $2.62/MMBtu last Wednesday to $2.15/MMBtu yesterday. Prices fell 4 cents at Transco Zone 6 NY, from $2.00/MMBtu last Wednesday to $1.96/MMBtu yesterday. Prices rose 5 cents at the Tennessee Zone 4 Marcellus, which serves a mix of interconnects and takes gas to other Northeast load centers, from $1.83/MMBtu last Wednesday to $1.88/MMBtu yesterday, after dropping to $1.60/MMBtu on Friday. Average temperatures in the Boston Area rose in the middle of the report week to a high of 77°F on Saturday, almost 8°F above normal for this time of year, and then dropped below average for the rest of the week, leading to 10 heating degree days (HDDs). The Northeast region had 80 cooling degree days (CDDs), 62 fewer CDDs than normal, but 62 more than the previous week. The Northeast region had 51 HDDs, compared with zero HDDs normally, and 15 more than the previous week. Natural gas consumption in the Northeast rose 3.8% (0.6 billion cubic feet per day [Bcf/d]) from the previous week, led by increases of 3.1% (0.3 Bcf/d) in the electric power sector and 10.2% (0.3 Bcf/d) in the residential and commercial sector, 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 9 cents to a weekly average of $11.31/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands increased 36 cents to a weekly average of $11.23/MMBtu. In the same week last year (week ending September 11, 2024), the prices were $13.78/MMBtu in East Asia and $11.76/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 fell by 0.1% (0.2 Bcf/d) compared with the previous report week. Dry natural gas production decreased by 0.4% (0.5 Bcf/d) to average 107.2 Bcf/d, and average net imports from Canada increased by 6.7% (0.3 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas was essentially unchanged from the previous report week, averaging 69.6 Bcf/d, according to data from S&P Global Commodity Insights. Natural gas consumed for power generation declined by 4.3% (1.7 Bcf/d) week over week as cooler temperatures were recorded across the eastern and midwestern regions. Consumption in the industrial sector increased by 0.8% (0.2 Bcf/d), and consumption in the residential and commercial sector increased by 16.5% (1.4 Bcf/d). Natural gas exports to Mexico decreased 3.1% (0.2 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 16.0 Bcf/d, or 0.1 Bcf/d lower than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals decreased 0.1 Bcf/d from last week to 16.0 Bcf/d, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana decreased by 1.4% (0.2 Bcf/d) to 11.1 Bcf/d, while natural gas deliveries to terminals in South Texas increased by 2.4% (0.1 Bcf/d) to 3.9 Bcf/d. Natural gas deliveries to terminals outside the Gulf Coast remain essentially unchanged at 1.1 Bcf/d this week.
• Vessels departing U.S. ports: Thirty-four LNG vessels with a combined LNG-carrying capacity of 129 Bcf departed the United States between September 4 and September 10, according to shipping data provided by Bloomberg Finance, L.P.:
  • Eight tankers from Sabine Pass
  • Six from Plaquemines
  • Five each from Corpus Christi and Freeport
  • Four from Cameron
  • Three from Calcasieu Pass
  • Two from Cove Point
  • One from Elba Island
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  Rig Count

  • According to Baker Hughes, for the week ending Tuesday, September 2, the natural gas rig count decreased by 1 rig from a week ago to 118 rigs. The Williston dropped one rig. The number of oil-directed rigs increased by 2 rigs to 414 rigs. The Permian dropped one rig. The Williston added one rig, and two rigs were added among unidentified producing regions. The total rig count, which includes 5 miscellaneous rigs, now stands at 537 rigs, 45 fewer than at this time last year.
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  Storage

  • Net injections into storage totaled 71 Bcf for the week ending September 5, compared with the five-year (2020–24) average net injections of 56 Bcf and last year's net injections of 36 Bcf during the same week. Working natural gas stocks totaled 3,343 Bcf, which is 188 Bcf (6%) more than the five-year average and 38 Bcf (1%) 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 59 Bcf to 80 Bcf, with a median estimate of 69 Bcf.
  • The average rate of injections into storage is 19% 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 10.7 Bcf/d for the remainder of the refill season, the total inventory would be 3,941 Bcf on October 31, which is 188 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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