US Natural Gas

EIA reported a 108 Bcf injection for the week ended June 5, exceeding estimates and lifting Lower 48 stocks to 2,686 Bcf (151 Bcf above five-year average). July futures fell sharply to around $3.089/MMBtu midday despite power burn topping 43 Bcf/d and LNG feedgas exceeding 18 Bcf/d. The build signals ample near-term supply amid rising summer demand. Read →

Henry Hub spot prices averaged $2.94/MMBtu in May and futures moved higher with warmer temperatures boosting power-sector demand. EIA's Short-Term Energy Outlook projects summer domestic demand up 2.3% year-over-year to 76.7 Bcf/d average. Production growth remains strong at +2.6% year-over-year for the latest week. Read →

Working gas in Lower 48 storage reached 2,686 Bcf after a 108 Bcf net injection, 5 Bcf below year-ago levels but 151 Bcf above the five-year average. The build came amid early summer conditions with regional gains led by the Midwest and East. Inventories position the market for continued injections into peak cooling season. Read →

Front-month July futures rose 4.5 cents or 1.4% to settle at $3.185/MMBtu on forecasts for hotter-than-normal weather boosting gas-fired power demand over the next two weeks. LNG feedgas flows fell to 16.5 bcfd in June from 17.1 bcfd in May due to spring maintenance at export plants, trimming export volumes. Lower US production narrowed the storage surplus to about 5.6% above normal. Read →

July futures snapped a three-day slide, bouncing as power burn topped 43 Bcf/d with early summer heat lifting electricity demand and spot prices. LNG feedgas deliveries recovered signs of life above 18 Bcf/d despite maintenance. The rebound built momentum ahead of Thursday's EIA storage report, with builds expected to trail the prior year's pace. Read →

A building heat wave drove Southeast cash prices to a 14-week high near $4/MMBtu, lifting the national average even as discounted Western Canadian and Permian supply weighed on some hubs. Rising temperatures increased cooling-related power demand for gas. The move highlights regional strength in physical markets despite broader futures volatility. Read →

Futures picked up on forecasts for warmer weather supporting demand while LNG exports faced maintenance constraints. Traders positioned ahead of the weekly EIA storage report expected to reflect modest builds. The moves underscore sensitivity to near-term weather and inventory trends in a market with ample overall supply. Read →

Transco Zone 4 cash prices widened their premium to Henry Hub amid rising power-burn and LNG feedgas demand in the Southeast. Hot weather forecasts are boosting electricity generation needs while LNG export facilities pull additional supply. The competition highlights tightening regional balances despite national storage surpluses. Read →

NYMEX natural gas futures recovered Tuesday morning after an early-week selloff, with bargain buyers stepping in. Physical prices for next-day delivery rose on mounting heat expected to drive power demand higher. Traders appear to view recent weakness as overdone amid supportive summer fundamentals. Read →

The upcoming EIA storage report is forecast to show an injection that trims the year-over-year surplus while widening the gap versus the five-year average. South Central region inventories flipped to a deficit in late May amid flat production and rising demand. Analysts expect the data to have nuanced effects on near-term pricing. Read →

Natural gas futures retreated for a second straight session Monday despite expectations of peak seasonal power burns this week. Shifting forecasts to cooler conditions in the eastern two-thirds of the US for mid-June reduced anticipated cooling demand. Resurgent renewable generation further weighed on gas-fired power needs, pressuring prices lower amid ample storage. Read →

July NYMEX natural gas futures extended losses midday Monday as weather models trended cooler, muting near-term power burn upside. Henry Hub cash prices rose on regional strength in the West offsetting Gulf Coast weakness tied to ongoing pipeline maintenance. LNG feedgas flows remained soft near two-week lows around 16.9 Bcf/d. Read →

Physical Henry Hub cash prices weakened Tuesday amid pipeline maintenance that cut LNG feedgas deliveries to a two-week low of 16.9 Bcf/d. Spot gains in the West were offset by declines in the Gulf Coast and Southeast. Traders noted all storage regions remain above five-year averages heading into stronger summer demand. Read →

The market reacted bearishly to cooler weather changes over the weekend despite short-term heat support. Lower-48 production ticked slightly higher while LNG demand held steady. Storage builds continue below average, with the prior EIA report showing a 95 Bcf injection versus 99 Bcf expected. Read →

Sempra Infrastructure’s Energía Costa Azul LNG project in Baja California reached first LNG production during commissioning. The milestone adds new export capacity on Mexico’s Pacific coast, increasing demand for Permian Basin gas via pipelines. It supports higher US exports and regional flows as commercial operations near in summer 2026. Read →

US South Central natural gas storage flipped into deficit territory for the week ending May 29. Flat production combined with rising demand creates tighter conditions that could support prices in coming weeks. The shift highlights emerging regional supply tightness ahead of peak summer cooling loads. Read →

Lower 48 natural gas power burn hit near 40 Bcf/d on multiple May days, a level typically seen later in summer. The early strength raises the possibility of a structurally higher demand floor this season. Sustained hot weather would further lift gas-fired generation needs. Read →

US natural gas futures fell about 2% to around $3.255/MMBtu, pulling back after reaching a 16-week high. Average flows to major LNG export terminals dropped to 16.4 bcfd in early June from 17.1 bcfd in May due to seasonal maintenance. Above-normal temperatures through mid-June continue to support power-sector demand despite ample inventories. Read →

Nymex July natural gas settled down 3.2% at $3.229/MMBtu after profit-taking on cooler near-term forecasts. A below-average 92 Bcf storage injection last week narrowed the surplus to 144 Bcf above the five-year average, providing some support but not enough to hold gains. Traders cited moderating demand signals and seasonal LNG maintenance as the key drivers for the weekly 1.9% loss. Read →

Nymex July gas added to prior gains and settled up 6.1% at $3.285/MMBtu on a 92 Bcf injection that missed the 96 Bcf WSJ analyst consensus and five-year average. Inventories reached 2,483 Bcf, trimming the surplus versus the prior week. Analysts noted the market's outsized reaction to the modest miss amid bullish positioning. Read →

Front-month futures fell 0.4% to $3.167/MMBtu as average flows to nine major US LNG plants dropped to 16.0 bcfd in early June from 17.1 bcfd in May. Maintenance at Golden Pass and Freeport LNG drove the decline from April's 18.8 bcfd record. Milder weather supported storage builds while warmer June forecasts were expected to lift power-sector demand. Read →

The total US oil and gas rig count rose by one to 563, its highest since May 2025. Oil rigs increased by two to 431 while gas rigs fell by one to 124. EIA data cited in the report project Lower 48 gas output rising to 110.6 bcfd in 2026 from 107.7 bcfd in 2025 despite softer Henry Hub prices. Read →