Prices
Henry Hub spot price: The Henry Hub spot price fell 32 cents from $3.20 per million British thermal units (MMBtu) last Wednesday to $2.88/MMBtu yesterday. Henry Hub futures price: The price of the October 2025 NYMEX contract decreased 24 cents, from $3.100/MMBtu last Wednesday to $2.858/MMBtu yesterday. The price of the 12-month strip averaging October 2025 through September 2026 futures contracts declined 16 cents to $3.596/MMBtu. Select regional spot prices: Natural gas spot prices fell at most locations this report week (Wednesday, September 17, to Wednesday, September 24). Price changes ranged from a decrease of 75 cents at Northwest Sumas to an increase of 13 cents at Algonquin Citygate. Pricing in the Northeast was mixed this week. At the Algonquin Citygate, which serves Boston-area consumers, the price rose 13 cents from $2.10/MMBtu last Wednesday to $2.23/MMBtu yesterday. This week, New England reported 25 heating degree days (HDDs), 12 HDDs higher than last week. Total natural gas consumption in New England rose 12% (0.2 billion cubic feet per day [Bcf/d]) this report week, according to data from S&P Global Commodity Insights. At the Transco Zone 6 NY trading point for New York City, the price decreased 4 cents from $1.99/MMBtu last Wednesday to $1.95/MMBtu yesterday. The price at Eastern Gas South in southwest Pennsylvania fell 5 cents from $1.84/MMBtu last Wednesday to $1.79/MMBtu yesterday. Cove Point LNG, which is located in Maryland, began annual maintenance on September 20, taking offline 0.7 Bcf/d of nominal export capacity. International futures prices: International natural gas futures prices decreased 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 5 cents to a weekly average of $11.35/MMBtu. Natural gas futures for delivery at the Title Transfer Facility (TTF) in the Netherlands decreased 4 cents to a weekly average of $11.14/MMBtu. In the same week last year (week ending September 25, 2024), the prices were $13.03/MMBtu in East Asia and $11.54/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 decreased by 0.3% (0.3 Bcf/d) to average 106.7 Bcf/d, and average net imports from Canada increased by 3.7% (0.2 Bcf/d) from last week. Demand: Total U.S. consumption of natural gas rose by 2.5% (1.7 Bcf/d) compared with the previous report week, according to data from S&P Global Commodity Insights. Natural gas consumed for power generation rose by 4.3% (1.7 Bcf/d) week over week, as warmer weather moved across the Mid-Continent and Northeast regions. Industrial sector consumption remained essentially unchanged, averaging 22.1 Bcf/d, and consumption in the residential and commercial sector increased by 0.7% (0.1 Bcf/d). Natural gas exports to Mexico increased 11.6% (0.7 Bcf/d). Natural gas deliveries to U.S. LNG export facilities (LNG pipeline receipts) averaged 16.3 Bcf/d, or 0.1 Bcf/d higher than last week.
Liquefied Natural Gas (LNG)
Pipeline receipts: Average natural gas deliveries to U.S. LNG export terminals increased 0.1 Bcf/d from last week to 16.3 Bcf/d, according to data from S&P Global Commodity Insights. Natural gas deliveries to terminals in South Louisiana increased 2.3% (0.3 Bcf/d), and deliveries to terminals in South Texas rose 10.7% (0.5 Bcf/d). Deliveries to terminals outside the U.S. Gulf Coast fell 48.5% (0.5 Bcf/d), driven by planned maintenance at the Cove Point facility in Maryland. Vessels departing U.S. ports: Thirty-one LNG vessels with a combined LNG-carrying capacity of 118 Bcf departed the United States between September 18 and September 24, according to shipping data provided by Bloomberg Finance, L.P.: Eight tankers from Sabine Pass, ,ix from Plaquemines, Five from Corpus Christi, Four from Cameron, Three each from Freeport and Calcasieu Pass, One each from Cove Point and Elba Island,
Storage
Net injections into storage totaled 75 Bcf for the week ending September 19, compared with the five-year (2020–24) average net injections of 76 billion cubic feet (Bcf) and last year’s net injections of 49 Bcf during the same week. Working natural gas stocks totaled 3,508 Bcf, which is 203 Bcf (6%) more than the five-year average and 22 Bcf (1%) more than last year at this time. The average rate of injections into storage is 18% higher than the five-year average so far in the refill season (April through October). If the rate of injections into storage matched the five-year average of 10.7 Bcf/d for the remainder of the refill season, the total inventory would be 3,956 Bcf on October 31, which is 203 Bcf higher than the five-year average of 3,753 Bcf for that time of year.