Market Highlights:
Natural gas storage
Net withdrawals from storage totaled 144 Bcf for the week ending February 13, compared with the five-year (2021–25) average net withdrawals of 151 Bcf and last year’s net withdrawals of 182 Bcf during the same week. Working natural gas stocks totaled 2,070 Bcf, which is 123 Bcf (6%) lower than the five-year average and 59 Bcf (3%) lower than last year at this time. Working gas in storage was 2,070 Bcf as of Friday, February 13, 2026, according to EIA estimates. Stocks were 59 Bcf less than last year at this time and 123 Bcf below the five-year average of 2,193 Bcf. At 2,070 Bcf, total working gas is within the five-year historical range. The average rate of withdrawals from storage is 18% 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 8.1 Bcf/d for the remainder of the withdrawal season, the total inventory would be 1,695 Bcf on March 31, which is 123 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 27 cents per million British thermal units (MMBtu) from $3.25/MMBtu last Wednesday to $2.98/MMBtu yesterday. Henry Hub daily spot prices averaged $3.19/MMBtu over the week, 63 cents lower than last week’s average, reflecting an extended shift in recent market fundamentals. Total demand for natural gas in the United States decreased by 15.8 billion cubic feet per day (Bcf/d) following a 19.1 Bcf/d decrease from last week, according to LSEG Data. Henry Hub prices have averaged $3.91/MMBtu so far this February, $3.74/MMBtu lower than last month’s average price. Warmer temperatures reported throughout the country, excluding the West, have also placed downward pressure on many regional price hubs. Henry Hub daily spot prices this week dropped to their lowest levels since January 15, 2026. 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 18: The LNG-carrying capacity of vessels departing U.S. ports was 130 Bcf, down 10 Bcf from the previous week. Thirty-four LNG vessels left U.S. ports, down three vessels from the previous week. Seven tankers each departed from Plaquemines and Sabine Pass, six from Corpus Christi, five from Cameron, four each from Calcasieu Pass and Freeport, and one from Cove Point.