Market Highlights:
Natural gas storage
Net injections into storage totaled 50 Bcf for the week ending April 3, compared with the five-year (2021–2025) average net injections of 13 Bcf and last year’s net injections of 53 Bcf during the same week. Working natural gas stocks totaled 1,911 Bcf as of Friday, April 3, according to EIA estimates. Stocks were 87 Bcf (5%) more than the five-year average and 89 Bcf (5%) more than last year at this time.
Natural gas prices
The Henry Hub spot price fell 19 cents from $2.99/MMBtu last Wednesday to $2.80/MMBtu yesterday. Above-average U.S. temperatures across most of the country kept average daily natural gas demand relatively low for this time of year by limiting heating and cooling needs. Even so, total U.S. demand for natural gas across sectors rose 1.3 Bcf/d (2%) compared with last week, according to LSEG Data. Average temperatures across the United States remained between 40° F and 70° F, in relatively comfortable conditions. Residential and commercial consumption increased by 0.9 Bcf/d (5%), and electric power consumption increased by 0.2 Bcf/d (1%).
Liquefied Natural Gas (LNG)
For the week ending April 8: The LNG-carrying capacity of vessels departing U.S. ports was 141 Bcf, down 8 Bcf from the previous week. Thirty-seven LNG vessels left U.S. ports, down two vessels from the previous week. Nine vessels departed from Sabine Pass; seven from Plaquemines; six from Corpus Christi; four each from Freeport, Cameron, and Calcasieu Pass; two from Cove Point; and one from Elba Island.