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 72 cents from $3.22 per million British thermal units (MMBtu) last Wednesday to $3.94/MMBtu yesterday.
• Henry Hub futures price: The price of the March 2025 NYMEX contract increased 21 cents, from $3.360/MMBtu last Wednesday to $3.565/MMBtu yesterday. The price of the 12-month strip averaging March 2025 through February 2026 futures contracts rose 17 cents to $4.075/MMBtu.
• Select regional spot prices: Natural gas spot prices rose at all major pricing locations this report week (Wednesday, February 5, to Wednesday, February 12). Price changes ranged from an increase of 32 cents at PG&E Citygate to an increase of $2.71 at Algonquin Citygate.
• Prices rose in the Northeast this report week as consumption increased. At the Algonquin Citygate, which serves Boston-area consumers, the price increased $2.71 from $13.22/MMBtu last Wednesday to $15.93/MMBtu yesterday. At the Transco Zone 6 NY trading point for New York City, the price increased 34 cents from $3.81/MMBtu last Wednesday to $4.15/MMBtu yesterday. The Algonquin Citygate price remains elevated this week due to seasonal demand for space heating. Temperatures in the New York-Central Park Area averaged 33°F this report week, down 2°F from last week. The price at Eastern Gas South in Pennsylvania rose 83 cents from $2.98/MMBtu last Wednesday to $3.81/MMBtu yesterday. Average temperatures in the Pittsburgh Area fell 5°F from last week to 32°F this week. Natural gas consumption in the residential and commercial sector in the Appalachia region rose 16% (0.8 Bcf/d) this week, according to data from S&P Global Commodity Insights.
• Prices on the West Coast rose this report week. The price at SoCal Citygate in Southern California increased 39 cents from $3.98/MMBtu last Wednesday to $4.37/MMBtu yesterday. At PG&E Citygate in Northern California, the price rose 32 cents from $3.63/MMBtu last Wednesday to $3.95/MMBtu yesterday. Average temperatures in the Sacramento Area fell 6°F to 45°F this report week. At Northwest Sumas on the Canada-Washington border, the main pricing point for natural gas in the Pacific Northwest, the price rose 39 cents from $3.17/MMBtu last Wednesday to $3.56/MMBtu yesterday. Temperatures in the Seattle City Area averaged 36°F this week, 2°F below last week and 7°F below normal. Total consumption of natural gas in the Pacific Northwest rose 12% (0.4 Bcf/d) this report week, according to data from S&P Global Commodity Insights.
• Prices in the Midwest rose this report week as colder temperatures moved into the area. The price at the Chicago Citygate rose 78 cents from $3.12/MMBtu last Wednesday to $3.90/MMBtu yesterday. Average temperatures in the Chicago Area fell 7°F to 27°F this report week, which is the normal average temperature for this period. Total consumption of natural gas in the Midwest rose 21% (3.6 Bcf/d), which was led by a 27% increase (2.7 Bcf/d) in consumption in the residential and commercial sector, according to data from S&P Global Commodity Insights.
• Prices rose this week in the Rocky Mountain region. The price at the Cheyenne Hub in southeast Wyoming rose 71 cents from $3.01/MMBtu last Wednesday to $3.72/MMBtu yesterday. The price at Opal Hub in Southwest Wyoming rose 58 cents from $3.11/MMBtu last Wednesday to $3.69/MMBtu yesterday. Average temperatures in the Denver Area fell 16°F compared with last report week to 25°F, or 7°F below normal. Total natural gas consumption in the Rocky Mountain region rose 38% (0.9 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 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 37 cents to a weekly average of $14.77/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands increased $1.02/MMBtu to a weekly average of $17.10/MMBtu. In the same week last year (week ending February 14, 2024), the prices were $9.42/MMBtu in East Asia and $8.26/MMBtu at TTF.
• Natural gas plant liquids (NGPL) prices: The natural gas plant liquids composite price at Mont Belvieu, Texas, rose by 13 cents/MMBtu, averaging $8.05/MMBtu for the week ending February 12. Ethane prices rose 7% week over week, while weekly average natural gas prices at the Houston Ship Channel increased 13%, narrowing the ethane premium to natural gas by 5%. The ethylene spot price fell 6% week over week, and the ethylene premium to ethane decreased 11%. Propane prices increased 1%, while Brent crude oil prices decreased 1% week over week. The propane discount to crude oil narrowed 9% for the week. Normal butane prices fell 2%, isobutane prices fell 3%, 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 rose by 0.2% (0.2 Bcf/d) compared with the previous report week. Dry natural gas production decreased by 0.1% (0.1 Bcf/d) to average 106.1 Bcf/d, and average net imports from Canada increased by 5.4% (0.3 Bcf/d) from last week.
• Demand: Total U.S. consumption of natural gas rose by 10.6% (10.0 Bcf/d) compared with the previous report week, according to data from S&P Global Commodity Insights. Natural gas consumed in the residential and commercial sector increased by 17.0% (6.5 Bcf/d). Natural gas consumed for power generation rose by 8.7% (2.7 Bcf/d) and consumption in the industrial sector increased by 3.0% (0.7 Bcf/d) week over week. Natural gas exports to Mexico increased 2.3% (0.1 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 15.7 Bcf/d, or 0.5 Bcf/d higher than last week.

Liquefied Natural Gas (LNG)

• Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals increased 0.5 Bcf/d from last week to 15.7 Bcf/d, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana increased by 3.3% (0.3 Bcf/d) to 9.8 Bcf/d, while natural gas deliveries to terminals in South Texas increased by 6.2% (0.3 Bcf/d) to 4.7 Bcf/d. Natural gas deliveries to terminals outside the Gulf Coast decreased by 2.8% (less than 0.1 Bcf/d) to 1.2 Bcf/d this week.
• Vessels departing U.S. ports: Thirty LNG vessels (six from Sabine Pass; five each from Cameron, Corpus Christi, and Freeport; three each from Calcasieu Pass and Cove Point; two from Plaquemines; and one from Elba Island) with a combined LNG-carrying capacity of 114 Bcf departed the United States between February 6 and February 12, according to shipping data provided by Bloomberg Finance, L.P.

Rig Count

• According to Baker Hughes, for the week ending Tuesday, February 4, the natural gas rig count increased by 2 rigs from a week ago to 100 rigs. The Haynesville added two rigs, and the Eagle Ford added one rig. One rig was dropped among unidentified producing regions. The number of oil-directed rigs increased by 1 rig from a week ago to 480 rigs. The Eagle Ford added one rig, and one rig was added among unidentified producing regions. The Granite Wash dropped one rig. The total rig count, which includes 6 miscellaneous rigs, now stands at 586 rigs, 37 fewer rigs than last year at this time.

Storage

• Net withdrawals from storage totaled 100 Bcf for the week ending February 7, compared with the five-year (2020–24) average net withdrawals of 144 Bcf and last year's net withdrawals of 60 Bcf during the same week. Working natural gas stocks totaled 2,297 Bcf, which is 67 Bcf (3%) lower than the five-year average and 248 Bcf (10%) 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 77 Bcf to 108 Bcf, with a median estimate of 91 Bcf.
• The average rate of withdrawals from storage is 20% 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 9.7 Bcf/d for the remainder of the withdrawal season, the total inventory would be 1,793 Bcf on March 31, which is 67 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