US natgas prices slip over 2% to near one-month low on ample storage
U.S. natural gas futures fell over 2% on Monday, hitting a near one-month low due to ample amounts of gas in storage after a larger-than-expected injection last week.
Front-month gas futures for October delivery 
NG1! on the New York Mercantile Exchange fell 8.2 cents, or 2.8%, to settle at $2.81 per million British thermal units (mmBtu). The contract reached its lowest level since August 27 earlier in the day.
"The significant price upswing seen during the first half of last week was abruptly halted by the release of the latest EIA storage report that posted a much larger than expected injection of 90 bcf that pushed the surplus against the averages back out to more than 200 bcf," analysts at energy advisory firm Ritterbusch and Associates said in a note.
"A healthy storage level implies less hedge buying interest and this has allowed nearby gas futures to gravitate back down toward this month’s low."
The U.S. Energy Information Administration last week said energy firms injected 90 billion cubic feet of gas into storage during the week ended September 12. That was the biggest weekly increase since June.
That was bigger than the 80-bcf build analysts forecast in a Reuters poll.
Financial firm LSEG projected average gas demand in the Lower 48 states, including exports, rose from 101.1 bcfd last week to 104.2 bcfd this week.
LSEG said average gas output in the Lower 48 states fell to 107.3 billion cubic feet per day so far in September, down from a record monthly high of 108.3 bcfd in August.
The U.S. National Hurricane Center said Hurricane Gabrielle intensified into a Category 3 hurricane on Monday and could intensify even more through the day, though some weakening should begin by Wednesday.
U.S. oil major Chevron 
CVX is in early-stage talks to explore opportunities in European regasification terminals, as part of its strategy to expand its global presence in the liquefied natural gas market, a senior executive told Reuters.
Week ended Sep 19 Forecast | Week ended Sep 12 Actual | Year ago Sep 19 | Five-year average Sep 19 | ||
U.S. weekly natgas storage change (bcf): | +66 | +90 | +49 | +76 | |
U.S. total natgas in storage (bcf): | 3,499 | 3,433 | 3,486 | 3,305 | |
U.S. total storage versus 5-year average | +5.9% | +6.3% | |||
Global Gas Benchmark Futures ($ per mmBtu) | Current Day | Prior Day | This Month Last Year | Prior Year Average 2024 | Five-Year Average (2019-2023) |
Henry Hub | 2.92 | 2.91 | 2.41 | 2.41 | 3.52 |
Title Transfer Facility (TTF) (TRNLTTFMc1) | 10.33 | 11.30 | 11.75 | 10.95 | 15.47 |
Japan Korea Marker (JKM) (JKMc1) | - | 11.53 | 13.41 | 11.89 | 15.23 |
LSEG Heating (HDD), Cooling (CDD) and Total (TDD) Degree Days | |||||
Two-Week Total Forecast | Current Day | Prior Day | Prior Year | 10-Year Norm | 30-Year Norm |
U.S. GFS HDDs | 22 | 20 | 16 | 47 | 61 |
U.S. GFS CDDs | 111 | 122 | 97 | 81 | 66 |
U.S. GFS TDDs | 133 | 142 | 113 | 128 | 127 |
LSEG U.S. Weekly GFS Supply and Demand Forecasts | |||||
Prior Week | Current Week | Next Week | This Week Last Year | Five-Year (2020-2024) Average For Month | |
U.S. Supply (bcfd) | |||||
U.S. Lower 48 Dry Production | 107.4 | 106.9 | 107.2 | 101.0 | 97.8 |
U.S. Imports from Canada | 7.1 | 6.8 | 6.9 | N/A | 7.3 |
U.S. LNG Imports | 0.0 | 0. | 0.0 | 0.0 | 0.0 |
Total U.S. Supply | 114.5 | 113.7 | 114.1 | N/A | 105.1 |
U.S. Demand (bcfd) | |||||
U.S. Exports to Canada | 1.9 | 2.1 | 2.1 | N/A | 2.3 |
U.S. Exports to Mexico | 8.0 | 7.6 | 7.8 | N/A | 6.3 |
U.S. LNG Export Feedgas | 15.5 | 15.3 | 15.4 | 12.8 | 10.6 |
U.S. Commercial | 4.8 | 4.8 | 4.9 | 4.8 | 5.0 |
U.S. Residential | 4.1 | 3.8 | 4.0 | 4.0 | 3.9 |
U.S. Power Plant | 37.2 | 41.1 | 37.6 | 40.2 | 37.0 |
U.S. Industrial | 22.2 | 22.1 | 22.1 | 21.8 | 21.9 |
U.S. Plant Fuel | 5.3 | 5.3 | 5.3 | 5.3 | 5.2 |
U.S. Pipe Distribution | 2.0 | 2.1 | 2.0 | 2.0 | 3.1 |
U.S. Vehicle Fuel | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
Total U.S. Consumption | 75.7 | 79.2 | 76.1 | 78.2 | 76.3 |
Total U.S. Demand | 101.1 | 104.2 | 101.3 | N/A | 89.2 |
N/A is Not Available | |||||
U.S. Northwest River Forecast Center (NWRFC) at The Dalles Dam (Fiscal year ending Sep 30) | 2025 Current Day % of Normal Forecast | 2025 Prior Day % of Normal Forecast | 2024 % of Normal Actual | 2023 % of Normal Actual | 2022 % of Normal Actual |
Apr-Sep | 76 | 77 | 74 | 83 | 107 |
Jan-Jul | 78 | 78 | 76 | 77 | 102 |
Oct-Sep | 80 | 80 | 77 | 76 | 103 |
U.S. weekly power generation percent by fuel - EIA | |||||
Week ended Sep 26 | Week ended Sep 19 | 2024 | 2023 | 2022 | |
Wind | 7 | 8 | 11 | 10 | 11 |
Solar | 7 | 7 | 5 | 4 | 3 |
Hydro | 4 | 4 | 6 | 6 | 6 |
Other | 1 | 1 | 1 | 2 | 2 |
Petroleum | 0 | 0 | 0 | 0 | 0 |
Natural Gas | 44 | 44 | 42 | 41 | 38 |
Coal | 18 | 17 | 16 | 17 | 21 |
Nuclear | 19 | 18 | 19 | 19 | 19 |
SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu) | |||||
Hub | Current Day | Prior Day | |||
Henry Hub (NG-W-HH-SNL) | 2.89 | 3.10 | |||
Transco Z6 New York (NG-CG-NY-SNL) | 1.29 | 1.80 | |||
PG&E Citygate (NG-CG-PGE-SNL) | - | 4.05 | |||
Eastern Gas (old Dominion South) (NG-PCN-APP-SNL) | 1.48 | 1.77 | |||
Chicago Citygate (NG-CG-CH-SNL) | 2.78 | 2.89 | |||
Algonquin Citygate (NG-CG-BS-SNL) | 1.56 | 1.89 | |||
SoCal Citygate (NG-SCL-CGT-SNL) | 3.66 | 3.98 | |||
Waha Hub (NG-WAH-WTX-SNL) | - | 0.19 | |||
AECO (NG-ASH-ALB-SNL) | 0.08 | 0.14 | |||
ICE U.S. Power Next-Day Prices ($ per megawatt-hour) | |||||
Hub | Current Day | Prior Day | |||
New England (E-NEPLMHP-IDX) | 31.89 | 34.85 | |||
PJM West (E-PJWHDAP-IDX) | 51.45 | 60.67 | |||
Mid C (W-MIDCP-IDX) | 55.88 | 45.24 | |||
Palo Verde (W-PVP-IDX) | 34.80 | 37.08 | |||
SP-15 (W-SP15-IDX) | 39.66 | 36.84 |
