Market Highlights:
Prices
Henry Hub spot price: The Henry Hub spot price rose 3 cents from $4.19 per million British thermal units (MMBtu) last Wednesday to $4.22/MMBtu yesterday. Henry Hub futures price: The price of the April 2025 NYMEX contract increased 16 cents, from $4.084/MMBtu last Wednesday to $4.247/MMBtu yesterday. The price of the 12-month strip averaging April 2025 through March 2026 futures contracts climbed 18 cents to $4.798/MMBtu. Select regional spot prices: Natural gas spot prices fell at most major pricing locations this report week (Wednesday, March 12, to Wednesday, March 19). Price changes ranged from a decrease of 98 cents at the Waha Hub to an increase of 12 cents at FGT Citygate. Prices decreased in the Northeast this report week as temperatures rose, natural gas consumption fell, and production increased. At the Algonquin Citygate, which serves Boston-area consumers, the price fell 42 cents from $4.00/MMBtu last Wednesday to $3.58/MMBtu yesterday. Temperatures in the Boston Area averaged 46°F this report week, resulting in 132 heating degree days (HDD), 29 fewer HDDs than last week and 56 fewer than normal. At the Transco Zone 6 NY trading point for New York City, the price decreased 26 cents from $3.64/MMBtu last Wednesday to $3.38/MMBtu yesterday. Temperatures in the New York-Central Park Area averaged 49°F this report week, 6°F above normal, resulting in 10 fewer HDDs than last week and 44 fewer than normal. Natural gas consumption in the Northeast decreased by 14% (3.1 billion cubic feet per day [Bcf/d]) this report week, led by a 24% (2.6 Bcf/d) decrease in consumption in the residential and commercial sector, according to S&P Global Commodity Insights. Natural gas production in the region increased 1% (0.4 Bcf/d) to an average of 36.3 Bcf/d this report week, nearly 3.0 Bcf/d more than the same week last year, according to S&P Global Commodity Insights. The price at Eastern Gas South in southwest Pennsylvania, which is located near Appalachian Basin production activities, fell 17 cents from $3.44/MMBtu last Wednesday to $3.27/MMBtu yesterday. In the Southeast, the FGT Citygate price, which reflects deliveries of natural gas into Florida via the Florida Gas Transmission pipeline, increased 12 cents from $4.43/MMBtu last Wednesday to $4.55/MMBtu yesterday. Temperatures in the Orlando Area rose in the middle of the report week and reached an average high of 79°F on Sunday, 11°F above normal, resulting in 14 cooling degree days (CDD), 10 more CDDs than normal. Natural gas consumption in the electric power sector in the Southeast region increased by 3% (0.2 Bcf/d), according to data from S&P Global Commodity Insights, to meet air-conditioning demand mid-week. Prices on the West Coast decreased this report week. The price at SoCal Citygate in Southern California decreased 6 cents from $3.95 last Wednesday to $3.89/MMBtu yesterday. At PG&E Citygate in Northern California, the price fell 10 cents from $3.95/MMBtu last Wednesday to $3.85/MMBtu yesterday. At Northwest Sumas on the Canada-Washington border, the main pricing point for natural gas in the Pacific Northwest, the price decreased 83 cents from $2.06/MMBtu last Wednesday to $1.23/MMBtu yesterday. Net natural gas imports from Canada into the Pacific Northwest averaged 4.3 Bcf/d this report week, according to S&P Global Commodity Insights, 4% (0.2 Bcf/d) more than the previous report week. In addition, natural gas storage inventories in the Pacific region for the week ending March 14 totaled 193 Bcf, or 15% (25 Bcf) above the five-year (2020–2024) average. The price at the Waha Hub in Texas, which is located near Permian Basin production activities, decreased 98 cents from $0.41/MMBtu last Wednesday to -$0.57/MMBtu yesterday. The Waha Hub traded $4.79 below the Henry Hub price yesterday, compared with last Wednesday when it traded $3.78 below the Henry Hub price. The Waha Hub price has traded below zero since Friday, trading in negative territory for the first time since November 2024. Kinder Morgan, operator of the El Paso Natural Gas pipeline system that moves natural gas out of the Permian Basin, issued a force majeure on a segment of the system in Eddy County, New Mexico, which reduced available pipeline capacity by approximately 0.4 Bcf/d effective March 19 until further notice. Maintenance on other segments of the system continued this week, reducing available pipeline takeaway capacity.
Daily spot prices by region are available on the EIA website
International futures prices: International natural gas futures price changes were mixed 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 25 cents to a weekly average of $13.47/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands increased 40 cents to a weekly average of $13.41/MMBtu. In the same week last year (week ending March 20, 2024), the prices were $9.27/MMBtu in East Asia and $8.84/MMBtu at TTF.
Supply and Demand
Supply: According to data from S&P Global Commodity Insights, the average total supply of natural gas fell by 0.1% (0.1 Bcf/d) compared with the previous report week. Dry natural gas production increased by 0.4% (0.4 Bcf/d) to average 105.9 Bcf/d, and average net imports from Canada decreased by 10.3% (0.5 Bcf/d) from last week. Demand: Total U.S. consumption of natural gas fell by 7.7% (6.2 Bcf/d) compared with the previous report week, according to data from S&P Global Commodity Insights. Consumption in the residential and commercial sector declined by 18.8% (5.5 Bcf/d) week over week. Warm weather conditions continued across most of the United States this report week. Natural gas consumed for power generation declined by 0.7% (0.2 Bcf/d), and consumption in the industrial sector decreased by 2.4% (0.6 Bcf/d) week over week. Natural gas exports to Mexico increased 0.6% (less than 0.1 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 16.4 Bcf/d, or 0.6 Bcf/d higher than last week.
Liquefied Natural Gas (LNG)
Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals increased 0.6 Bcf/d from last week to 16.4 Bcf/d, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana increased 2.0% (0.2 Bcf/d) to 10.7 Bcf/d, and natural gas deliveries to terminals in South Texas increased by 8.7% (0.4 Bcf/d) to 4.5 Bcf/d. Natural gas deliveries to terminals outside the Gulf Coast were essentially unchanged at 1.2 Bcf/d this week. Vessels departing U.S. ports: Twenty-six LNG vessels (eight from Sabine Pass; four each from Corpus Christi and Freeport; three each from Calcasieu Pass, Cameron, and Plaquemines; and one from Cove Point) with a combined LNG-carrying capacity of 98 Bcf departed the United States between March 13 and March 19, according to shipping data provided by Bloomberg Finance, L.P.
Storage
Net injections into storage totaled 9 Bcf for the week ending March 14, compared with the five-year (2020–24) average net withdrawals of 31 Bcf and last year’s net injections of 5 Bcf during the same week. Working natural gas stocks totaled 1,707 Bcf, which is 190 Bcf (10%) lower than the five-year average and 624 Bcf (27%) 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 24 Bcf to net injections of 12 Bcf, with a median estimate of net injections of 1 Bcf. The average rate of withdrawals from storage is 22% 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 2.2 Bcf/d for the remainder of the withdrawal season, the total inventory would be 1,670 Bcf on March 31, which is 190 Bcf lower than the five-year average of 1,860 Bcf for that time of year.