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 22 cents from $3.48 per million British thermal units (MMBtu) last Wednesday to $3.26/MMBtu yesterday.
• Henry Hub futures price: The price of the July 2025 NYMEX contract decreased 58 cents, from $3.989/MMBtu last Wednesday to $3.406/MMBtu yesterday. The price of the 12-month strip averaging July 2025 through June 2026 futures contracts declined 31 cents to $4.062/MMBtu. The July contract expires today.
• Select regional spot prices: Average spot natural gas prices fell at most locations this report week (Wednesday, June 18, to Wednesday, June 25). Overall, average spot price changes ranged from a decrease of $1.03/MMBtu at the SoCal Border-Ehrenberg to an increase of $0.15/MMBtu at the PG&E Citygate.
• In the Northeast, prices at the Algonquin Citygate, a natural gas benchmark price covering Boston-area consumers, fell 89 cents from $3.50/MMBtu last Wednesday to $2.61/MMBtu yesterday, after reaching a mid-week high of $6.75/MMBtu. On Tuesday, record-high temperatures were reported across major metropolitan areas in the Northeast. Temperatures in the Boston Area rose to a record high of 102°F on June 24. The average temperature for the whole day was 90°F ― 19°F above the average temperature of 71°F for June 24. The Northeast region had 396 cooling degree days (CDDs), 212 more CDDs than normal and 252 CDDs more than the previous week. Natural gas consumption for power generation in the Northeast rose 39% (3.9 billion cubic feet per day [Bcf/d]) from the previous week, as air-conditioning consumption rose. Northeast regional consumption of natural gas in the electric power sector set a record high on June 24, 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 66 cents to a weekly average of $13.94/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands increased 11 cents to a weekly average of $12.95/MMBtu. In the same week last year (week ending June 26, 2024), the prices were $12.61/MMBtu in East Asia and $10.75/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 rose by 0.1% (0.2 Bcf/d) compared with the previous report week. Dry natural gas production grew by 0.3% (0.3 Bcf/d) to average 106.0 Bcf/d and was mostly offset by average net imports from Canada decreasing by 3.2% (0.2 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas rose by 8.7% (6.1 Bcf/d) compared with the previous report week, according to data from S&P Global Commodity Insights. Increased natural gas consumed for power generation was the biggest driver of change; natural gas consumption in the electric power sector rose by 14.7% (5.7 Bcf/d) week over week as warmer temperatures were observed across much of the country, especially in the Northeast. Consumption in the industrial sector decreased by 1.0% (0.2 Bcf/d) week over week, and consumption in the residential and commercial sector increased by 6.4% (0.6 Bcf/d). Natural gas exports to Mexico decreased 5.0% (0.3 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 14.9 Bcf/d, or 0.2 Bcf/d higher than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals rose 1.4% (0.2 Bcf/d) to end at 14.9 Bcf/d this week, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana increased 0.9% (0.1 Bcf/d) to 9.2 Bcf/d, and natural gas deliveries to terminals in South Texas increased 2.6% (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 with a combined LNG-carrying capacity of 113 Bcf departed the United States between June 19 and June 25, according to shipping data provided by Bloomberg Finance, L.P.: six from Sabine Pass; five from Freeport; four each from Cameron, Corpus Christi, and Plaquemines; three each from Cove Point and Calcasieu Pass; and one from Elba Island.

Rig Count

• According to Baker Hughes, for the week ending Tuesday, June 17, the natural gas rig count fell by 2 rigs to 111 rigs. The Haynesville added one rig, the Permian dropped one rig, and two rigs were dropped among unidentified producing regions. The number of oil-directed rigs fell by 1 rig to 438 rigs, the eighth straight week of declines. DJ-Niobrara added three rigs, and the Cana Woodford, Mississippian, and Eagle Ford each added one rig. The Granite Wash dropped three rigs, the Permian dropped one rig, and three rigs were dropped among unidentified producing regions. The total rig count, which includes 5 miscellaneous rigs, now stands at 554 rigs, 34 fewer rigs than last year at this time.

Storage

• Net injections into storage totaled 96 Bcf for the week ending June 20, compared with the five-year (2020–24) average net injections of 79 Bcf and last year's net injections of 59 Bcf during the same week. Working natural gas stocks totaled 2,898 Bcf, which is 179 Bcf (7%) more than the five-year average and 196 Bcf (6%) 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 80 Bcf to 102 Bcf, with a median estimate of 88 Bcf.
• The average rate of injections into storage is 28% 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 7.8 Bcf/d for the remainder of the refill season, the total inventory would be 3,932 Bcf on October 31, which is 179 Bcf higher than the five-year average of 3,753 Bcf for that time of year.

See also:

• Natural Gas Analysis Reports
• Short-Term Energy Outlook