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 12 cents from $2.88 per million British thermal units (MMBtu) last Wednesday to $3.00/MMBtu yesterday.
• Henry Hub futures price: The October 2025 NYMEX contract price increased to $3.064/MMBtu, up 18 cents from last Wednesday to yesterday. The price of the 12-month strip averaging October 2025 through September 2026 futures contracts climbed 10 cents to $3.725/MMBtu.
• Select regional spot prices: Natural gas spot prices rose at most locations this report week (Wednesday, August 27, to Wednesday, September 3). Price changes ranged from a decrease of 16 cents at Northwest Sumas to an increase of $1.12 at Algonquin Citygate.
• Prices were mixed on the West Coast this week. The price at Northwest Sumas on the Canada-Washington border, the main pricing point for natural gas in the Pacific Northwest, fell 16 cents from $1.54/MMBtu last Wednesday to $1.38/MMBtu yesterday. Average temperatures in the Pacific Northwest fell 3°F this report week compared with last week, leading to 24 cooling degree days (CDDs), 23 fewer CDDs than last week. The price at SoCal Citygate in Southern California increased 55 cents from $3.48/MMBtu last Wednesday to $4.03/MMBtu yesterday, the highest this week among major U.S. pricing hubs. Average temperatures in the Riverside Area, inland from Los Angeles, rose throughout the week from near-normal levels of 80°F last Thursday to 86°F yesterday. SoCalGas reported a net withdrawal of approximately 0.4 billion cubic feet (Bcf) for Tuesday and a withdrawal of approximately 0.3 Bcf for Wednesday. The price at PG&E Citygate in Northern California rose 69 cents, up from $3.28/MMBtu last Wednesday to $3.97/MMBtu yesterday, the second-highest price among major hubs. Average temperatures in the Sacramento Area rose during most of the week, reversing the downward trend observed last week, peaking at 83°F on Monday and Tuesday, 8°F above normal.

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 25 cents to a weekly average of $11.22/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands decreased 50 cents to a weekly average of $10.87/MMBtu. In the same week last year (week ending September 4, 2024), the prices were $13.93/MMBtu in East Asia and $12.28/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 0.6% (0.6 Bcf/d) compared with the previous report week. Dry natural gas production decreased by 0.5% (0.6 Bcf/d) to average 107.2 Bcf/d, and average net imports from Canada decreased by 1.0% (less than 0.1 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas fell by 3.3% (2.4 Bcf/d) compared with the previous report week, according to data from S&P Global Commodity Insights, as cooler temperatures were recorded across the eastern and midwestern regions. Natural gas consumed for power generation declined by 6.7% (2.8 Bcf/d) week over week. Consumption in the industrial sector increased by 0.8% (0.2 Bcf/d) and consumption in the residential and commercial sector increased by 2.0% (0.2 Bcf/d). Natural gas exports to Mexico decreased 3.2% (0.2 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 16.1 Bcf/d, or 0.3 Bcf/d lower than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals fell 0.3 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 fell 0.5% (0.1 Bcf/d); natural gas deliveries to terminals in South Texas fell by 5.9% (0.2 Bcf/d). Natural gas deliveries to terminals outside the Gulf Coast remained essentially unchanged at 1.1 Bcf/d this week.
• Vessels departing U.S. ports: Twenty-six LNG vessels with a combined LNG-carrying capacity of 100 Bcf departed the United States between August 28 and September 3, according to shipping data provided by Bloomberg Finance, L.P.:
  • Eight tankers from Sabine Pass
  • Five from Plaquemines
  • Four each from Corpus Christi and Freeport
  • Three from Cameron
  • Two from Calcasieu Pass
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  Rig Count

  • According to Baker Hughes, for the week ending Tuesday, August 26, the natural gas rig count decreased by 3 rigs from a week ago to 119 rigs. The Eagle Ford, the Haynesville, and the Fayetteville each dropped one rig, and one rig was dropped among unidentified producing regions; the Arkoma Woodford added one rig. The number of oil-directed rigs increased by 1 rig to 412 rigs. The Cana Woodford added two rigs, the Eagle Ford added one rig, and one rig was added among unidentified producing regions. The Granite Wash dropped two rigs, and the Williston dropped one rig. The total rig count, which includes 5 miscellaneous rigs, now stands at 536 rigs, 47 fewer than at this time last year.
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  Storage

  • Net injections into storage totaled 55 Bcf for the week ending August 29, compared with the five-year (2020–24) average net injections of 36 Bcf and last year's net injections of 16 Bcf during the same week. Working natural gas stocks totaled 3,272 Bcf, which is 173 Bcf (6%) more than the five-year average and 73 Bcf (2%) 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 40 Bcf to 66 Bcf, with a median estimate of 56 Bcf.
  • The average rate of injections into storage is 19% 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 10.4 Bcf/d for the remainder of the refill season, the total inventory would be 3,926 Bcf on October 31, which is 173 Bcf higher than the five-year average of 3,753 Bcf for that time of year.
  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:

  • Natural Gas Analysis Reports
  • Short-Term Energy Outlook
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