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Natural Gas Weekly Update

for week ending November 5, 2025   |  Release date:  November 6, 2025   |  Next release:  November 13, 2025   |   Previous weeks

JUMP TO: Prices | Liquefied Natural Gas (LNG) | Rig Count | Other Market Drivers | Storage

Today in Energy

Recent Today in Energy analysis of natural gas markets is available on the EIA website.

Market Highlights:

(For the week ending Wednesday, November 5, 2025)

Prices

  • Henry Hub spot price: The Henry Hub spot price rose 15 cents from $3.36 per million British thermal units (MMBtu) last Wednesday to $3.51/MMBtu yesterday.
  • Henry Hub futures price: The December 2025 NYMEX contract price increased to $4.232/MMBtu, up 42 cents from last Wednesday to yesterday. The price of the 12-month futures strip averaging December 2025 through November 2026 climbed 21 cents to $4.050/MMBtu.
  • Select regional spot prices: Natural gas spot prices fell at most locations this report week (Wednesday, October 29 to Wednesday, November 5). Price changes ranged from a decrease of $1.76 at the Waha Hub to an increase of $0.42 at the Algonquin Citygate.
    • Prices were mixed this week in Texas. Prices changed little at the Houston Ship Channel, down $0.02/MMBtu. Average temperatures in Texas fell 10°F to 59°F this report week, 3°F less than normal, leading to 131 heating degree days (HDDs), 113 more than last week and 51 more than normal. There were 0 CDDs, 93 CDDs fewer than last week. Texas demand reflected shifting temperatures. Natural gas consumption in the electric power sector fell 1.1 billion cubic feet per day (Bcf/d), which was partially offset by a 0.3 Bcf/d increase in residential and commercial sector demand, according to LSEG Data. The Waha Hub price in West Texas decreased $1.76 this report week, from $0.74/MMBtu last Wednesday to -$1.02/MMBtu yesterday. The Waha Hub traded $4.53 below the Henry Hub price yesterday, compared with last Wednesday when it traded $2.62 below the Henry Hub price. Robust production and maintenance events contributed to falling Waha prices. Maintenance affecting gas takeaway capacity in the Permian over the past week included capacity reductions on the El Paso Natural Gas Pipeline (EPNG) limiting westbound flows out of Texas from the Permian Basin, Transco's unplanned maintenance affecting southbound flows, and pipeline integrity assessments affecting northbound flows.

    Daily spot prices by region are available on the EIA website.

  • International futures prices: International natural gas futures prices decreased slightly 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 6 cents to a weekly average of $11.13/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands decreased 17 cents to a weekly average of $10.69/MMBtu. In the same week last year (week ending November 6, 2024), the prices were $13.52/MMBtu in East Asia and $12.79/MMBtu at TTF.
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Liquefied Natural Gas (LNG)

  • Vessels departing U.S. ports: Thirty-four LNG vessels with a combined LNG-carrying capacity of 128 billion cubic feet (Bcf) departed the United States between October 30 and November 5, according to shipping data provided by Bloomberg Finance, L.P.:
    • Nine tankers from Sabine Pass
    • Six from Plaquemines
    • Five from Corpus Christi
    • Four from Cameron
    • Three each from Freeport and Calcasieu Pass
    • Two each from Cove Point and Elba Island
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Rig Count

  • According to Baker Hughes, for the week ending Tuesday, October 28, the natural gas rig count increased by 4 rigs from a week ago to 125 rigs. Unidentified production regions added four rigs. The number of oil-directed rigs decreased by 6 rigs from a week ago to 414 rigs. The DJ-Niobrara and the Haynesville basins each dropped one rig, and the unidentified producing regions shed another six rigs. The Barnett and the Permian basins each added one rig. The total rig count, which includes 7 miscellaneous rigs, now stands at 546 rigs, 39 fewer than at this time last year.
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Storage

  • Net injections into storage totaled 33 Bcf for the week ending October 31, compared with the five-year (2020–24) average net injections of 42 Bcf and last year's net injections of 68 Bcf during the same week. Working natural gas stocks totaled 3,915 Bcf, which is 162 Bcf (4%) more than the five-year average and 6 Bcf (less than 1%) lower than last year at this time. Working gas natural gas stocks exceed the five-year average in all regions except the East.
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:

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Natural gas spot prices
Spot Prices ($/MMBtu)
Thu,
30-Oct
Fri,
31-Oct
Mon,
03-Nov
Tue,
04-Nov
Wed,
05-Nov
Henry Hub
3.44
3.58
3.37
3.34
3.51
New York
3.20
3.03
2.95
2.85
3.26
Chicago
3.25
3.04
2.99
3.09
3.23
Cal. Comp. Avg.*
3.19
2.80
3.15
2.99
2.91
*Avg. of NGI's reported prices for: Malin, PG&E Citygate, and Southern California Border Avg.
Data source: NGI's Daily Gas Price Index
Natural gas futures prices


Weekly natural gas rig count and average Henry Hub
Rigs
Tue, October 28, 2025
Change from
 
last week
last year
Oil rigs
414
-1.4%
-13.6%
Natural gas rigs
125
3.3%
22.5%
Note: Excludes any miscellaneous rigs
Rig numbers by type
Tue, October 28, 2025
Change from
 
last week
last year
Vertical
11
-8.3%
-38.9%
Horizontal
478
-1.4%
-7.5%
Directional
57
7.5%
14.0%
Data source: Baker Hughes Company


Working gas in underground storage
Stocks
billion cubic feet (Bcf)
Region
2025-10-31
2025-10-24
change
East
909
913
-4
Midwest
1,105
1,085
20
Mountain
288
286
2
Pacific
318
316
2
South Central
1,296 
1,282
14
Total
3,915 
3,882
33

Data source: U.S. Energy Information Administration Form EIA-912, Weekly Underground Natural Gas Storage Report
Note: Totals may not equal sum of components because of independent rounding.
Working gas in underground storage
Historical comparisons
Year ago
10/31/24
5-year average
2020-2024
Region
Stocks (Bcf)
% change
Stocks (Bcf)
% change
East
932
-2.5
911
-0.2
Midwest
1,125
-1.8
1,095
0.9
Mountain
291
-1.0
241
19.5
Pacific
309
2.9
284
12.0
South Central
1,263
2.6
1,223
6.0
Total
3,921
-0.2
3,753
4.3
Data source: U.S. Energy Information Administration Form EIA-912, Weekly Underground Natural Gas Storage Report
Note: Totals may not equal sum of components because of independent rounding.


Temperature – heating & cooling degree days (week ending Oct 30)
 
HDDs
CDDs
Region
Current total
Deviation from normal
Deviation from last year
Current total
Deviation from normal
Deviation from last year
New England
133
9
27
0
0
0
Middle Atlantic
123
9
33
0
0
0
E N Central
131
6
36
0
-1
0
W N Central
118
-10
39
0
-1
-1
South Atlantic
89
21
41
18
-1
-4
E S Central
79
10
50
0
-4
-10
W S Central
31
-4
28
24
6
-32
Mountain
108
-12
27
8
3
-3
Pacific
34
-17
1
4
1
1
United States
94
1
29
7
1
-5
Data source: National Oceanic and Atmospheric Administration
Note: HDDs=heating degree days; CDDs=cooling degree days

   Average temperature (°F)


   7-day mean ending Oct 30, 2025

Mean Temperature (F) 7-Day Mean ending

        Data source: National Oceanic and Atmospheric Administration

  Deviation between average and normal temperature (°F)


   7-day mean ending Oct 30, 2025

Mean Temperature Anomaly (F) 7-Day Mean ending Oct 30, 2025

        Data source: National Oceanic and Atmospheric Administration

 

Monthly U.S. dry shale natural gas production by formation is available in the
Short-Term Energy Outlook.