Market Highlights:
Natural gas storage
Net withdrawals from storage totaled 249 billion cubic feet (Bcf) for the week ending February 6, compared with the five-year (2021–25) average net withdrawals of 146 Bcf and last year’s net withdrawals of 111 Bcf during the same week. Working natural gas stocks now total 2,214 Bcf, which is 130 Bcf (6%) lower than the five-year average and 97 Bcf (4%) lower than last year at this time. This week also marks the record for largest cumulative three-week U.S. Lower 48 storage withdrawals The average rate of withdrawals from storage is 21% 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 9.9 Bcf/d for the remainder of the withdrawal season, the total inventory would be 1,688 Bcf on March 31, which is 130 Bcf lower than the five-year average of 1,818 Bcf for that time of year.
Natural gas prices
The Henry Hub spot price fell by $3.19 per million British thermal units (MMBtu), from $6.44/MMBtu last Wednesday to $3.25/MMBtu yesterday, a 50% decrease. Henry Hub daily spot prices averaged $4.25/MMBtu over the week, $2.60/MMBtu lower than last week’s average. Total demand for natural gas in the United States decreased by 19.1 billion cubic feet per day (Bcf/d), as warmer temperatures across much of the West and Southeast persisted and temperatures in the Northeast trended warmer later in the week. Henry Hub daily spot prices this week dropped to their lowest level since January 16, 2025.
Liquefied Natural Gas (LNG)
For the week ending February 11: The LNG-carrying capacity of vessels departing U.S. ports was 140 Bcf, up 6 Bcf from the previous week. Thirty-seven LNG vessels left U.S. ports, up two vessels from the previous week. Ten tankers departed from Sabine Pass, nine from Plaquemines, five each from Corpus Christi and Freeport, four from Cameron, and two each from Calcasieu Pass and Cove Point. One LNG vessel with 3 Bcf of LNG-carrying capacity arrived at the Everett LNG Terminal in Boston, Massachusetts, compared with no vessels last week.