Market Highlights:
Natural gas storage
Net withdrawals from storage totaled 360 Bcf for the week ending January 30, compared with the five-year (2021–25) average net withdrawals of 190 Bcf and last year’s net withdrawals of 195 Bcf during the same week. This withdrawal represents a record-high volume in EIA data, dating back to 2010. Working natural gas stocks now total 2,463 Bcf, which is 27 Bcf (1%) lower than the five-year average and 41 Bcf (2%) more than last year at this time. The average rate of withdrawals from storage is 15% higher than the five-year average so far in the withdrawal season (November through March).
Natural gas prices
The Henry Hub spot price fell by $2.59 per million British thermal units (MMBtu), from $9.03/MMBtu last Wednesday to $6.44/MMBtu yesterday. Henry Hub prices fell to an intraweek low of $4.22/MMBtu on Tuesday, before increasing again yesterday. Henry Hub prices decreased by 29% over the week, as this week’s warmer temperatures lowered heating demand across much of the country. The monthly spot price averaged $7.65/MMBtu this January, a $3.40/MMBtu increase compared with December 2025, as extreme cold temperatures late in the month supported elevated prices.
Liquefied Natural Gas (LNG)
For the week ending February 4: 134 Bcf of total LNG-carrying capacity departed U.S. ports, up 16 Bcf from the previous week. 35 LNG vessels left U.S. ports, up 4 vessels from the previous week. Nine tankers departed from Sabine Pass, seven from Corpus Christi, five each from Freeport and Plaquemines, four each from Calcasieu Pass and Cameron, and one from Cove Point.