UNG•| Week ended Jul 24 Forecast | Week ended Jul 17 Actual | Year ago Jul 24 | Five-year average (2021-2025) Jul 24 | ||
| U.S. weekly natgas storage change (bcf): | +34 | +32 | +44 | +26 | |
| U.S. total natgas in storage (bcf): | 3,090 | 3,056 | 3,116 | 2,899 | |
| U.S. total storage versus 5-year average | +6.6% | +6.4% | |||
| Global Gas Benchmark Futures ($ per mmBtu) | Current Day | Prior Day |
| This Month Last Year |
| Prior Year Average 2025 |
| Five-Year Average (2021-2025) |
| Henry Hub NGc1 | 2.73 | 2.77 | 3.30 | 3.62 | 3.79 |
| Title Transfer Facility (TTF) TRNLTTFMc1 | 18.83 | 19.40 | 9.98 | 11.94 | 18.51 |
| Japan-Korea Marker (JKM) JKMc1 | 21.43 | 22.00 | 12.53 | 12.24 | 18.12 |
| LSEG U.S. Global Forecast System (GFS) Heating, Cooling and Total Degree Days |
| Total Two-Week Forecast | Current Day | Prior Day | Prior Year | 10-Year Norm | 30-Year Norm |
| U.S. GFS Heating Degree Days (HDD) | 1 | 1 | 2 | 2 | 4 |
| U.S. GFS Cooling Degree Days (CDD) | 237 | 247 | 209 | 209 | 198 |
| U.S. GFS Total Degree Days (TDD) | 238 | 248 | 211 | 211 | 202 |
| LSEG U.S. Weekly GFS Supply and Demand Forecasts |
| Prior Week | Current Week | Next Week | This Week Last Year | Five-Year (2021-2025) Average for Month |
| U.S. Supply (bcfd) |
| U.S. Lower 48 Dry Production | 110.7 | 111.6 | 111.5 | 108.3 | 101.4 |
| U.S. Imports from Canada | 7.1 | 7.1 | 6.9 | N/A | 8.2 |
| U.S. LNG Imports | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total U.S. Supply | 117.8 | 118.8 | 118.4 | N/A | 109.6 |
| U.S. Demand (bcfd) |
| U.S. Exports to Canada | 2.3 | 2.2 | 2.2 | N/A | 2.3 |
| U.S. Exports to Mexico | 7.0 | 7.1 | 7.1 | N/A | 6.6 |
| U.S. LNG Export Feedgas | 16.9 | 17.3 | 17.5 | 15.0 | 11.0 |
| U.S. Commercial | 4.4 | 4.4 | 4.4 | 4.4 | 4.7 |
| U.S. Residential | 3.5 | 3.5 | 3.5 | 3.6 | 3.6 |
| U.S. Power Plant | 46.9 | 46.4 | 48.4 | 50.2 | 46.1 |
| U.S. Industrial | 21.6 | 21.6 | 21.7 | 22.2 | 21.8 |
| U.S. Plant Fuel | 5.5 | 5.5 | 5.5 | 5.5 | 5.3 |
| U.S. Pipe Distribution | 2.2 | 2.2 | 2.3 | 2.2 | 3.2 |
| U.S. Vehicle Fuel | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| Total U.S. Consumption | 84.2 | 83.8 | 85.9 | 88.2 | 84.9 |
| Total U.S. Demand | 110.4 | 110.3 | 112.6 | N/A | 104.8 |
| N/A = Not Available |
| U.S. Northwest River Forecast Center (NWRFC) at The Dalles Dam (fiscal year ending September 30) | 2026 Current Day % of Normal Forecast | 2026 Prior Day % of Normal Forecast | 2025 % of Normal Actual | 2024 % of Normal Actual | 2023 % of Normal Actual |
| Apr-Sep | 83 | 83 | 76 | 74 | 83 |
| Jan-Jul | 90 | 90 | 78 | 76 | 77 |
| Oct-Sep | 93 | 93 | 80 | 77 | 76 |
| U.S. weekly power generation percent by fuel - EIA |
| Week ended July 31 | Week ended July 24 | 2025 | 2024 | 2023 |
| Wind | 8 | 7 | 11 | 11 | 10 |
| Solar | 8 | 8 | 6 | 5 | 4 |
| Hydro | 5 | 5 | 6 | 6 | 6 |
| Other | 1 | 1 | 1 | 1 | 2 |
| Petroleum | 0 | 0 | 0 | 0 | 0 |
| Natural Gas | 43 | 44 | 40 | 42 | 41 |
| Coal | 17 | 18 | 18 | 16 | 17 |
| Nuclear | 17 | 17 | 18 | 19 | 19 |
| SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu) |
| Hub | Current Day | Prior Day | This Month Last Year | Prior Year Average 2025 | Five-Year Average (2021-2025) |
| Henry Hub NG-W-HH-SNL | 2.63 | 2.87 | 3.20 | 3.52 | 3.72 |
| Transco Z6 New York NG-CG-NY-SNL | 2.10 | 1.89 | 2.87 | 3.53 | 3.56 |
| PG&E Citygate NG-CG-PGE-SNL | 3.25 | 2.99 | 3.45 | 3.42 | 5.47 |
| Eastern Gas (formerly Dominion South) NG-PCN-APP-SNL | 2.00 | 1.80 | 2.61 | 2.79 | 2.96 |
| Chicago Citygate NG-CG-CH-SNL | 2.63 | 2.59 | 2.95 | 3.23 | 3.60 |
| Algonquin Citygate NG-CG-BS-SNL | 2.33 | 2.01 | 4.50 | 6.08 | 5.04 |
| SoCal Citygate NG-SCL-CGT-SNL | 4.22 | 4.01 | 3.70 | 3.60 | 5.71 |
| Waha Hub NG-WAH-WTX-SNL | 2.20 | 2.42 | 1.57 | 1.15 | 2.88 |
| AECO NG-ASH-ALB-SNL | 1.11 | 1.06 | 0.51 | 1.13 | 2.13 |
| Intercontinental Exchange (ICE) U.S. Power Next-Day Prices ($ per megawatt-hour) |
| Hub | Current Day | Prior Day | This Month Last Year | Prior Year Average 2025 | Five-Year Average (2021-2025) |
| New England E-NEPLMHP-IDX | 55.52 | 47.03 | 89.06 | 77.12 | 61.67 |
| PJM West E-PJWHRTP-IX | 64.66 | 105.90 | 87.25 | 60.23 | 54.47 |
| Mid-Columbia (Mid C) W-MIDCP-IDX | 49.43 | 71.50 | 52.17 | 44.81 | 68.96 |
| Palo Verde W-PVP-IDX | 74.40 | 76.16 | 48.82 | 34.82 | 59.94 |
| South Path-15 (SP-15) W-SP15-IDX | 50.41 | 54.50 | 33.95 | 28.44 | 53.02 |
Financial firm LSEG said average gas output in the U.S. Lower 48 states has risen to 110.6 billion cubic feet per day (bcfd) so far in July, up from 110.0 bcfd in June, putting production in line with the monthly record high of 110.6 bcfd in December 2025.
Analysts said gas inventories have remained higher than the five-year (2021-2025) average since the spring when the weather was mild, allowing energy firms to stockpile more gas than usual.
As they wait for a federal report on Thursday, analysts projected the amount of gas in storage likely rose to 6.6% above normal during the week ended July 24, up from 6.4% above normal during the previous week. EIA/GAS NGAS/POLL
That inventory surplus has continued, despite weeks of above-normal temperatures so far this summer, due in part to near-record output.
Meteorologists forecast the weather would remain mostly warmer than normal through August 12, forcing power generators to continue burning lots of gas to keep air conditioners humming. About 40% of U.S. power generation comes from gas-fired plants. The forecasted weather, however, was not as hot as previously expected.
LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 110.3 bcfd this week to 112.6 bcfd next week. Those forecasts were lower than LSEG's outlook on Monday.
Average gas flows to the nine big U.S. LNG export plants have eased to 17.2 bcfd so far in July due in part to maintenance at Freeport LNG's export plant in Texas, down from 17.4 bcfd in June and the monthly record high of 18.8 bcfd in April.
U.S. natural gas futures slid about 2% to nearly a three-month low on Tuesday on record output and forecasts for cooler weather and lower demand over the next two weeks than previously expected.
Prices were also depressed by lower flows to liquefied natural gas (LNG) export plants and ample amounts of gas in storage.
On its second-to-last day as the front-month, gas futures for August delivery NGc1 on the New York Mercantile Exchange (NYMEX) fell 4.6 cents, or 1.7%, to $2.721 per million British thermal units (mmBtu), putting the contract on track for its lowest close since April 29.
That move kept the front-month in technically oversold territory for a second day in a row for the first time since mid-July.
Futures for September, which will soon be the front-month contract, were down about 2% at $2.74 per mmBtu.
In a sign that the market is not too worried about gas supplies this winter, the premium of futures for March over April 2027 NGH27-J27 fell to a record low of around 15 cents per mmBtu.
Analysts have said March, the last month of the peak winter heating season when utilities need to pull gas out of storage to meet demand, should never trade below April, the first month of the summer air conditioning season when energy firms produce enough gas to meet demand and inject fuel into storage.
The industry calls the March-April spread the "widow-maker" because rapid price moves resulting from changing weather forecasts have forced some speculators out of business. Notably, the Amaranth hedge fund lost more than $6 billion in 2006.
