Prices
Henry Hub spot price: The Henry Hub spot price fell 11 cents from $2.92 per million British thermal units (MMBtu) last Wednesday to $2.81/MMBtu yesterday. Henry Hub futures price: The price of the September 2025 NYMEX contract decreased 8 cents, from $2.828/MMBtu last Wednesday to $2.752/MMBtu yesterday. The price of the 12-month strip averaging September 2025 through August 2026 futures contracts declined 7 cents to $3.501/MMBtu. Select regional spot prices: Natural gas spot prices fell at most locations this report week (Wednesday, August 13, to Wednesday, August 20). Price changes ranged from a decrease of 76 cents at Algonquin Citygate to an increase of $1.67 at Northwest Sumas. Prices across the West Coast rose this report week. The price at Northwest Sumas on the Canada-Washington border, the main pricing point for natural gas in the Pacific Northwest, rose $1.67 from $0.53/MMBtu last Wednesday to $2.20/MMBtu yesterday. The price at SoCal Citygate in Southern California increased 45 cents from $3.33/MMBtu last Wednesday to $3.78/MMBtu yesterday. Average temperatures in the Riverside Area, inland from Los Angeles, fell to an intraweek low of 74°F on Saturday before rising to an intraweek high of 83°F on Wednesday, 3°F higher than normal. The price at PG&E Citygate in Northern California rose 29 cents, up from $3.11/MMBtu last Wednesday to $3.40/MMBtu yesterday. Temperatures in the Sacramento Area followed a similar upward trend, reaching an intraweek low of 72°F on Sunday before rising to an intraweek high of 78°F yesterday, 3°F higher than normal. The California electric power sector consumed 2.4 billion cubic feet per day (Bcf/d) of natural gas on August 20, the highest volume since October 8, 2024, according to data from S&P Global Commodity Insights. 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 58 cents to a weekly average of $11.35/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands decreased 40 cents to a weekly average of $10.78/MMBtu. In the same week last year (week ending August 21, 2024), the prices were $13.90/MMBtu in East Asia and $12.60/MMBtu at TTF.
Supply and Demand
Supply: According to data from S&P Global Commodity Insights, the average total supply of natural gas rose by 0.4% (0.5 Bcf/d) compared with the previous report week. Dry natural gas production grew by 0.6% (0.7 Bcf/d) to average 107.4 Bcf/d, and average net imports from Canada decreased by 3.5% (0.2 Bcf/d) from last week. Demand: Total U.S. consumption of natural gas rose by 0.2% (0.2 Bcf/d) compared with the previous report week, according to data from S&P Global Commodity Insights. Natural gas consumed for power generation rose by 1.0% (0.5 Bcf/d) week over week, with warmer temperatures observed across the country. Consumption in the industrial sector decreased by 0.3% (0.1 Bcf/d) week over week, and consumption in the residential and commercial sector declined by 2.7% (0.2 Bcf/d). Natural gas exports to Mexico decreased 2.6% (0.2 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 15.5 Bcf/d, or 1.3 Bcf/d lower than last week.
Liquefied Natural Gas (LNG)
Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals fell 1.3 Bcf/d from last week to 15.5 Bcf/d, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana fell 7.0% (0.8 Bcf/d); natural gas deliveries to terminals in South Texas fell by 12.2% (0.5 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: Thirty-one LNG vessels with a combined LNG-carrying capacity of 116 Bcf departed the United States between August 14 and August 20, according to shipping data provided by Bloomberg Finance, L.P.: Eight tankers from Sabine Pass. Six from Plaquemines. Five from Corpus Christi. Four from Freeport. Three from Cameron. Two each from Cove Point and Calcasieu Pass. One from Elba Island.
Storage
Net injections into storage totaled 13 Bcf for the week ending August 15, compared with the five-year (2020–24) average net injections of 35 Bcf and last year’s net injections of 29 Bcf during the same week. Working natural gas stocks totaled 3,199 Bcf, which is 174 Bcf (6%) more than the five-year average and 95 Bcf (3%) 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 13 Bcf to 32 Bcf, with a median estimate of 19 Bcf. The average rate of injections into storage is 20% 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 9.5 Bcf/d for the remainder of the refill season, the total inventory would be 3,927 Bcf on October 31, which is 174 Bcf higher than the five-year average of 3,753 Bcf for that time of year.