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 $3.84 from $3.94 per million British thermal units (MMBtu) last Wednesday to $7.78/MMBtu yesterday as colder weather spread across much of the United States.
• Henry Hub futures price: The price of the March 2025 NYMEX contract increased 72 cents, from $3.565/MMBtu last Wednesday to $4.280/MMBtu yesterday. The price of the 12-month strip averaging March 2025 through February 2026 futures contracts rose 48 cents to $4.557/MMBtu.
• Select regional spot prices: Natural gas spot prices rose at most major pricing locations this report week (Wednesday, February 12, to Wednesday, February 19). Price changes ranged from a decrease of $1.05 at Northwest Sumas to an increase of $9.59 at Transco Zone 6 NY.
• Prices rose in the Northeast this report week. At the Algonquin Citygate, which serves Boston-Area consumers, the price increased $2.37 from $15.93/MMBtu last Wednesday to $18.30/MMBtu yesterday. The price at Algonquin Citygate has averaged $16.83/MMBtu since the start of 2025 compared with $8.65/MMBtu in December 2024 due to colder than average temperatures so far this year. At the Transco Zone 6 NY trading point for New York City, the price increased $9.59 from $4.15/MMBtu last Wednesday to $13.74/MMBtu yesterday. Natural gas consumption in the Northeast rose 7% (2.1 billion cubic feet per day [Bcf/d]) this report week, according to S&P Global Commodity Insights. Since Sunday, average temperatures dropped 16°F in the New York-Central Park Area and 18°F in the Pittsburgh Area. The Transcontinental Gas Pipe Line Company and Texas Eastern Transmission, both of which deliver natural gas into the New York City area, issued operational flow orders due to colder temperatures and increased system loads during the report week. Shippers are required to maintain a concurrent balance of natural gas receipts and deliveries to ensure safe, efficient, and reliable operation of the pipeline systems.
• Prices in the Pacific Northwest fell this report week. At Northwest Sumas on the Canada-Washington border, the main pricing point for natural gas in the Pacific Northwest, the price fell $1.05 from $3.56/MMBtu last Wednesday to $2.51/MMBtu yesterday. Temperatures in the Seattle City Area averaged 43°F this report week, 7°F above last week, resulting in 56 fewer heating degree days (HDDs) than last week. Total consumption of natural gas in the Pacific Northwest decreased 17% (0.6 Bcf/d) this report week, according to data from S&P Global Commodity Insights.
• Prices in the Southeast rose this report week. The Henry Hub spot price rose $3.84 from $3.94/MMBtu last Wednesday to $7.78/MMBtu yesterday. The price at FGT Citygate rose $4.13 from $4.44/MMBtu last Wednesday to $8.57/MMBtu yesterday. Temperatures in the Atlanta Area averaged 45°F this week, resulting in 139 HDDs, 85 more HDDs than the previous report week and 25 more than normal. Total consumption of natural gas in the residential and commercial sector in the Southeast increased by 75% (1.9 Bcf/d) this report week, according to data from S&P Global Commodity Insights.
• Prices in the Midwest rose this report week. The price at the Chicago Citygate rose $3.92 from $3.90/MMBtu last Wednesday to $7.82/MMBtu yesterday. The average temperature in the Chicago Area fell 13°F from last report week to a weekly average of 14°F, which is 15°F colder than normal. Total natural gas consumption in the Midwest rose 19% (4.1 Bcf/d) on the week. Natural gas imports from Canada into the Mid-Continent increased by 1.1 Bcf/d to 1.3 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 13 cents to a weekly average of $14.64/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands decreased $1.80 to a weekly average of $15.30/MMBtu. In the same week last year (week ending February 21, 2024), the prices were $8.65/MMBtu in East Asia and $7.75/MMBtu at TTF.
• Natural gas plant liquids (NGPL) prices: The natural gas plant liquids composite price at Mont Belvieu, Texas, rose by 3 cents/MMBtu, averaging $8.08/MMBtu for the week ending February 19. Ethane prices rose 8% week over week, while weekly average natural gas prices at the Houston Ship Channel increased 6%, widening the ethane premium to natural gas by 13%. The ethylene spot price rose 3% week over week, and the ethylene premium to ethane was relatively unchanged. Propane prices decreased 2%, while Brent crude oil prices were relatively unchanged week over week, widening the propane discount to crude oil by 7% this week. Normal butane prices fell 2%, isobutane prices fell 1%, and natural gasoline prices were relatively unchanged.

Supply and Demand

• Supply: According to data from S&P Global Commodity Insights, the average total supply of natural gas fell by 0.9% (1.0 Bcf/d) compared with the previous report week. Dry natural gas production decreased by 2.1% (2.2 Bcf/d) to average 103.9 Bcf/d, and average net imports from Canada increased by 19.8% (1.2 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas rose by 10.5% (11.0 Bcf/d) compared with the previous report week, according to data from S&P Global Commodity Insights. Natural gas consumption in the residential and commercial sector increased by 19.2% (8.6 Bcf/d) as below-average temperatures across most of the United States increased demand for space heating. Natural gas consumed for power generation rose by 3.6% (1.2 Bcf/d) week over week, and consumption in the industrial sector increased by 4.4% (1.1 Bcf/d). Natural gas exports to Mexico decreased 1.4% (0.1 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 16.1 Bcf/d, or 0.4 Bcf/d higher than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals increased 0.4 Bcf/d from last week to 16.1 Bcf/d, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana increased by 3.1% (0.3 Bcf/d) to 10.1 Bcf/d, and natural gas deliveries to terminals in South Texas increased by 3.3% (0.2 Bcf/d) to 4.9 Bcf/d. Natural gas deliveries to terminals outside the Gulf Coast decreased by 3.3% (less than 0.1 Bcf/d) to 1.2 Bcf/d this week.
• Vessels departing U.S. ports: Twenty-nine LNG vessels (11 from Sabine Pass, 5 from Corpus Christi, 4 each from Cameron and Freeport, 2 each from Calcasieu Pass and Plaquemines, and 1 from Cove Point) with a combined LNG-carrying capacity of 110 Bcf departed the United States between February 13 and February 19, according to shipping data provided by Bloomberg Finance, L.P.

Rig Count

• According to Baker Hughes, for the week ending Tuesday, February 11, the natural gas rig count increased by 1 rig from a week ago to 101 rigs, as 1 rig was added among unidentified producing regions. The number of oil-directed rigs increased by 1 rig from a week ago to 481 rigs. The Granite Wash and the Permian each added one rig, while the Williston dropped one rig. The total rig count, which includes 6 miscellaneous rigs, now stands at 588 rigs, 33 fewer rigs than last year at this time.

Storage

• Net withdrawals from storage totaled 196 Bcf for the week ending February 14, compared with the five-year (2020–24) average net withdrawals of 145 Bcf and last year's net withdrawals of 58 Bcf during the same week. Working natural gas stocks totaled 2,101 Bcf, which is 118 Bcf (5%) lower than the five-year average and 386 Bcf (16%) 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 withdrawals of 173 Bcf to 215 Bcf, with a median estimate of 191 Bcf.
• The average rate of withdrawals from storage is 22% higher than the five-year average so far in the withdrawal season (November through March). If the rate of withdrawals from storage matched the five-year average of 8 Bcf/d for the remainder of the withdrawal season, the total inventory would be 1,742 Bcf on March 31, which is 118 Bcf lower than the five-year average of 1,860 Bcf for that time of year.

See also:

• Natural Gas Analysis Reports
• Short-Term Energy Outlook