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 19 cents from $2.93 per million British thermal units (MMBtu) last Wednesday to $3.12/MMBtu yesterday.
• Henry Hub futures price: The May 2025 NYMEX contract expired Monday at $3.170/MMBtu, up 15 cents from last Wednesday. The June 2025 NYMEX contract price increased to $3.326/MMBtu, up 16 cents from last Wednesday to yesterday. The price of the 12-month strip averaging June 2025 through May 2026 futures contracts climbed 21 cents to $4.020/MMBtu.
• Select regional spot prices: Natural gas spot prices rose at most locations this report week (Wednesday, April 23, to Wednesday, April 30). Price changes ranged from a decrease of two cents at SoCal Citygate to an increase of $1.23 at the Waha Hub.
• Prices increased in Texas this week. The price at the Houston Ship Channel rose 8 cents this report week from $2.67/MMBtu to $2.75/MMBtu yesterday. Average temperatures in Texas rose 3°F from last week to average 74°F, resulting in 185 cooling degree days (CDD), 49 more CDDs than last week. Natural gas consumption in the Texas electric power sector rose 9% (0.4 billion cubic feet per day [Bcf/d]), according to data from S&P Global Commodity Insights. The price at the Waha Hub in West Texas, which is located near Permian Basin production activities, rose $1.23 this report week, from $0.22/MMBtu last Wednesday to $1.45/MMBtu yesterday. The Waha Hub traded $1.67 below the Henry Hub price yesterday, compared with last Wednesday when it traded $2.71 below the Henry Hub price. Net flows of natural gas from Texas into Mexico rose 7% (0.4 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 decreased this report week. According to Bloomberg Finance, L.P., weekly average front-month futures prices for liquefied natural gas (LNG) cargoes in East Asia decreased 60 cents to a weekly average of $11.30/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands decreased 83 cents to a weekly average of $10.85/MMBtu. In the same week last year (week ending May 1, 2024), the prices were $10.31/MMBtu in East Asia and $9.07/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 0.5% (0.5 Bcf/d) compared with the previous report week. Dry natural gas production decreased by 0.6% (0.6 Bcf/d) to average 105.7 Bcf/d, and average net imports from Canada increased by 2.3% (0.1 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas fell by 0.6% (0.4 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 9.2% (1.3 Bcf/d) as warmer temperatures were observed across much of the United States. Natural gas consumed for power generation rose by 3.8% (1.1 Bcf/d) week over week, offsetting much of the decline in residential and commercial sector gas consumption as cooling demand rose. Consumption in the industrial sector decreased by 0.9% (0.2 Bcf/d) week over week. Natural gas exports to Mexico increased 5.7% (0.4 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 16.4 Bcf/d, or 0.3 Bcf/d higher than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals increased 0.3 Bcf/d from last week to 16.4 Bcf/d this week, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana increased 4.0% (0.4 Bcf/d) to 10.7 Bcf/d, and natural gas deliveries to terminals in South Texas decreased 3.0% (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: Thirty LNG vessels (eight from Sabine Pass; five each from Corpus Christi and Freeport; four each from Cameron and Calcasieu Pass; two from Plaquemines; and one each from Cove Point and Elba Island) with a combined LNG-carrying capacity of 115 Bcf departed the United States between April 24 and April 30, according to shipping data provided by Bloomberg Finance, L.P.

Rig Count

• According to Baker Hughes, for the week ending Tuesday, April 22, the natural gas rig count increased by 1 to 99. The Haynesville added one rig. The number of oil-directed rigs rose by 2 to 483. The Ardmore Woodford and Cana Woodford each dropped one rig. The Granite Wash added two rigs, one rig was added at Arkoma Woodford, and one rig was added among unidentified producing regions. The total rig count, which includes 5 miscellaneous rigs, increased by 2, and it now stands at 587, 26 fewer rigs than last year at this time.

Storage

• Net injections into storage totaled 107 Bcf for the week ending April 25, compared with the five-year (2020–24) average net injections of 58 Bcf and last year's net injections of 64 Bcf during the same week. Working natural gas stocks totaled 2,041 Bcf, which is 5 Bcf (less than 1%) more than the five-year average and 435 Bcf (18%) less 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 92 Bcf to 129 Bcf, with a median estimate of 115 Bcf.

See also:

• Natural Gas Analysis Reports
• Short-Term Energy Outlook