Financial group LSEG said average gas output in the U.S. Lower 48 states was up to 111.5 billion cubic feet per day so far in August, up from a monthly record high of 110.7 bcfd in July.
LSEG projected average gas demand in the Lower 48 states, including exports, would slip from 114.8 bcfd this week to 113.6 bcfd next week. The forecast for next week was higher than LSEG's outlook on Tuesday.
Average gas flows to the nine big U.S. LNG export plants stand at 17.2 bcfd so far in August, unchanged from July and slightly lower than a monthly record high of 17.4 bcfd in June.
Elsewhere, benchmark Dutch and British wholesale gas prices traded in a narrow range amid soft demand and strong supply while prospects for a deal to end the nearly six-month U.S.-Israeli conflict with Iran receded. NG/EU
Week ended Aug 14 Forecast
Week ended Aug 7 Actual
Year ago Aug 14
Five-year average (2021-2025) Aug 14
U.S. weekly natgas storage change (bcf):
+21
+33
+19
+29
U.S. total natgas in storage (bcf):
3,174
3,153
3,197
2,984
U.S. total storage versus 5-year average
+6.4%
+6.7%
| 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 | 2.78 | 2.72 | 2.89 | 3.62 | 3.79 |
| Title Transfer Facility (TTF) TRNLTTFMc1 | 21.66 | 21.31 | 11.13 | 11.94 | 18.51 |
| Japan-Korea Marker (JKM) JKMc1 | 21.89 | 21.62 | 11.63 | 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) | 4 | 4 | 9 | 5 | 6 |
| U.S. GFS Cooling Degree Days (CDD) | 217 | 212 | 139 | 160 | 151 |
| U.S. GFS Total Degree Days (TDD) | 221 | 216 | 148 | 165 | 157 |
| 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 | 111.7 | 112.2 | 112.3 | N/A | 101.7 |
| U.S. Imports from Canada | 7.4 | 6.9 | 7.5 | N/A | 7.7 |
| U.S. LNG Imports | 0.0 | 0.0 | 0.0 | N/A | 0.0 |
| Total U.S. Supply | 119.1 | 119.2 | 119.8 | N/A | 109.4 |
| U.S. Demand (bcfd) | | | | | |
| U.S. Exports to Canada | 2.6 | 2.5 | 2.5 | N/A | 2.3 |
| U.S. Exports to Mexico | 7.5 | 7.4 | 7.5 | N/A | 6.7 |
| U.S. LNG Export Feedgas | 17.3 | 17.3 | 17.1 | N/A | 11.4 |
| U.S. Commercial | 4.4 | 4.5 | 4.6 | N/A | 4.7 |
| U.S. Residential | 3.5 | 3.5 | 3.5 | N/A | 3.4 |
| U.S. Power Plant | 49.7 | 49.8 | 48.6 | N/A | 45.3 |
| U.S. Industrial | 21.8 | 21.8 | 21.8 | N/A | 21.1 |
| U.S. Plant Fuel | 5.5 | 5.5 | 5.5 | N/A | 5.3 |
| U.S. Pipe Distribution | 2.2 | 2.3 | 2.3 | N/A | 3.2 |
| U.S. Vehicle Fuel | 0.1 | 0.1 | 0.1 | N/A | 0.2 |
| Total U.S. Consumption | 87.5 | 87.6 | 86.5 | N/A | 83.2 |
| Total U.S. Demand | 115 | 114.8 | 113.6 | N/A | 103.6 |
| 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 |
| 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 | 54.71 | 57.35 | 59.26 | 77.12 | 61.67 |
| PJM West E-PJWHRTP-IX | 73.72 | 71.58 | 46.80 | 60.23 | 54.47 |
| Mid-Columbia (Mid C) W-MIDCP-IDX | 69.13 | 58.45 | 50.02 | 44.81 | 68.96 |
| Palo Verde W-PVP-IDX | 68.00 | 65.17 | 51.19 | 34.82 | 59.94 |
Weather outlook and supply remain in focus
"(Natgas) market is currently edging higher... with the help of some bullish adjustments to the short-term 1–2-week temperature outlooks," consultancy Ritterbusch & Associates said in a note.
Meteorologists forecast mostly warmer-than-normal temperatures through September 2, as Cooling Degree Days rose to 217 on Wednesday from 212 on Tuesday. CDDs measure energy demand to cool buildings.
About 40% of U.S. power generation comes from gas-fired plants.
"While the weather-related demand factor may be supporting gas values during the past couple of sessions, the supply side of the equation remains as a major impediment toward sustainable price strength," Ritterbusch added.
Investors now await the U.S. Energy Information Administration's weekly gas storage report which is due on Thursday.
Record output and mild spring weather this year have allowed energy firms to keep the amount of gas in inventory higher than the five-year (2021-2025) average since March.
Gas inventories have remained in surplus despite weeks of above-normal temperatures this summer.
Natural gas futures rise on weather and oil support
U.S. natural gas futures rose to a near four-week high on Wednesday, supported by forecasts for hotter weather and firm oil prices, while investors awaited a federal storage report due this week.
Front-month gas futures for September delivery NGc1 on the New York Mercantile Exchange added 3.8 cents, or 1.4%, to settle at $2.814 per million British thermal units, after touching its highest level since July 24 earlier in the session.
Oil prices steadied near a three-week high on uncertainty over shipping through the Strait of Hormuz and other ongoing supply disruptions in the market. O/R
UNG•
