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 $3.86 per million British thermal units (MMBtu) last Wednesday to $4.05/MMBtu yesterday.
• Henry Hub futures price: The April 2025 NYMEX contract expired Thursday at $3.950/MMBtu, up 9 cents from last Wednesday. The May 2025 NYMEX contract price increased to $4.055/MMBtu, up 18 cents from last Wednesday to yesterday. The price of the 12-month strip averaging May 2025 through April 2026 futures contracts climbed 10 cents to $4.560/MMBtu.
• Select regional spot prices: Natural gas spot prices rose at most locations this report week (Wednesday, March 26, to Wednesday, April 2). Price changes ranged from a decrease of 18 cents at Algonquin Citygate to an increase of $1.30 at SoCal Citygate.
• Prices were little changed in the Northeast this report week despite lower natural gas consumption. At the Algonquin Citygate, which serves Boston-area consumers, the price decreased 18 cents from $3.53/MMBtu last Wednesday to $3.35/MMBtu yesterday. At the Transco Zone 6 NY trading point for New York City, the price was unchanged from last Wednesday at $3.17/MMBtu. The price at Eastern Gas South in southwest Pennsylvania rose 5 cents from $3.03/MMBtu last Wednesday to $3.08/MMBtu yesterday. Average temperatures in the Boston Area were unchanged this report week at 43°F. Average temperatures fell in the Boston Area to end the report week, averaging 35°F on April 2. Temperatures in the New York-Central Park Area averaged 51°F this report week, 5°F higher than last week, but temperatures fell to an intraweek low of 43°F on April 2 to end the report week 5°F below normal. Total natural gas consumption across the Northeast fell 14% (3.0 billion cubic feet per day [Bcf/d]) this report week, according to data from S&P Global Commodity Insights.
• Prices on the West Coast rose this week. The price at PG&E Citygate in Northern California rose 72 cents from $2.30/MMBtu last Wednesday to $3.02/MMBtu yesterday. The price at SoCal Citygate in Southern California rose $1.30 this report week from $2.46/MMBtu last Wednesday to $3.76/MMBtu yesterday. Average temperatures in the Riverside Area, inland of Los Angeles, fell 5°F this report week to 60°F, leading to 34 heating degree days (HDDs), 20 HDDs more than the previous report week. Natural gas consumption in California rose 7% (0.3 Bcf/d) this report week, according to data from S&P Global Commodity Insights. At Northwest Sumas on the Canada-Washington border, the main pricing point for natural gas in the Pacific Northwest, the price rose 86 cents from $0.54/MMBtu last Wednesday to $1.40/MMBtu yesterday. Temperatures in the Seattle City Area averaged 51°F this report week, down 1°F from the previous report week, leading to 96 HDDs, 8 more HDDs than the week before. Net natural gas imports from Canada into the Pacific Northwest fell 18% (0.8 Bcf/d) compared with last report week, 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, increased $1.10 from -$0.05/MMBtu last Wednesday to $1.05/MMBtu yesterday. The Waha Hub traded $3.00 below the Henry Hub price yesterday, compared with last Wednesday when it traded $3.91 below the Henry Hub price. Production of natural gas in West Texas rose 1% (0.2 Bcf/d) this report week, according to data from S&P Global Commodity Insights.
• Prices rose in the Southeast as rising temperatures led to increased consumption in the electric power sector to meet air-conditioning demand. The price at FGT Citygate rose 26 cents from $4.09/MMBtu last Wednesday to $4.35/MMBtu yesterday. Temperatures in the Tallahassee Area averaged 72°F this report week, up 10°F from the previous report week, leading to 49 cooling degree days (CDDs), 42 more CDDs than last week. Natural gas consumption in the electric power sector across the Southeast rose 9% (0.8 Bcf/d) compared with the previous report week, according to 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 18 cents to a weekly average of $13.15/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands decreased 27 cents to a weekly average of $13.08/MMBtu. In the same week last year (week ending April 3, 2024), the prices were $9.51/MMBtu in East Asia and $8.42/MMBtu at TTF.
• Natural gas plant liquids (NGPL) prices: The natural gas plant liquids composite price at Mont Belvieu, Texas, rose by 14 cents/MMBtu to $8.10/MMBtu for the week ending April 2. Ethane prices rose 4% week over week, while the weekly average natural gas price at the Houston Ship Channel increased 2%, widening the ethane premium to natural gas by 11%. The ethylene spot price fell 5% week over week, and the ethylene premium to ethane decreased 11%. Propane prices increased 1%, while the Brent crude oil price increased 2% week over week, widening the propane discount to crude oil by 5%. Normal butane prices rose 1%, isobutane prices rose 1%, and natural gasoline prices rose 1%.

Supply and Demand

• Supply: According to data from S&P Global Commodity Insights, the average total supply of natural gas fell by 0.4% (0.5 Bcf/d) compared with the previous report week. Dry natural gas production grew by 0.1% (0.1 Bcf/d) to average 105.2 Bcf/d, and average net imports from Canada decreased by 10.2% (0.5 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas fell by 7.8% (6.1 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 declined by 21.8% (5.8 Bcf/d) week over week as warmer weather spread across much of the country. Consumption in the industrial sector decreased by 3.2% (0.8 Bcf/d), and natural gas consumed for power generation rose by 1.7% (0.5 Bcf/d). Natural gas exports to Mexico increased 7.8% (0.5 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 16.2 Bcf/d, or 0.2 Bcf/d lower than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals decreased 0.2 Bcf/d from last week to 16.2 Bcf/d, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana decreased by 3.8% (0.4 Bcf/d) to 10.6 Bcf/d, while natural gas deliveries to terminals in South Texas increased by 6.4% (0.3 Bcf/d) to 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: Twenty-eight LNG vessels (seven from Sabine Pass; four each from Cameron, Corpus Christi, and Freeport; three each from Calcasieu Pass and Plaquemines; two from Cove Point; and one from Elba Island) with a combined LNG-carrying capacity of 106 Bcf departed the United States between March 27 and April 2, according to shipping data provided by Bloomberg Finance, L.P.

Rig Count

• According to Baker Hughes, for the week ending Tuesday, March 25, the natural gas rig count increased by 1 rig from a week ago to 103 rigs. The Marcellus dropped one rig, the Haynesville added one rig, and one rig was added among unidentified producing regions. The number of oil-directed rigs decreased by 2 rigs from a week ago to 484 rigs. The Granite Wash and the Utica each added one rig. The Permian dropped three rigs, and one rig was dropped among unidentified producing regions. The total rig count, which includes 5 miscellaneous rigs, now stands at 592 rigs, 29 fewer rigs than last year at this time.

Storage

• Net injections into storage totaled 29 Bcf for the week ending March 28, compared with the five-year (2020–24) average net withdrawals of 13 Bcf and last year's net withdrawals of 37 Bcf during the same week. Working natural gas stocks totaled 1,773 Bcf, which is 80 Bcf (4%) lower than the five-year average and 491 Bcf (22%) 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 18 Bcf to 35 Bcf, with a median estimate of 25 Bcf.

See also:

• Natural Gas Analysis Reports
• Short-Term Energy Outlook