US natgas prices climb to 7-week high on rising demand forecasts (updated)

Cheniere Energy

02/09/2026 20:17

Over 68,000 customers still without power in Texas after Edouard hits Gulf Coast
Storage surplus likely narrowed to 5.3% above five-year norm
Hot weather through Sept. 17 to keep generators burning more fuel for air conditioning
European and Asian gas benchmarks hovered near 44-month highs around $25 and $24
Adds latest prices
By Scott DiSavino
NEW YORK, Sept 2 (Reuters) - U.S. natural gas futures climbed about 2% on Wednesday to a seven-week high as demand forecasts were lifted, with unseasonably warm temperatures expected through at least mid-September.
Front-month gas futures for October delivery NGc1 on the New York Mercantile Exchange rose 5.2 cents, or 1.8%, to settle at $2.956 per million British thermal units (mmBtu), the highest close since July 9.
Limiting gains was a slight reduction in gas flows to some LNG plants along the Gulf Coast, including Cheniere Energy's LNG.N Sabine Pass in Louisiana, after Tropical Storm Edouard crossed over the area on Tuesday. Edouard is now a tropical depression dropping lots of rain north of Houston.
Tropical storms can reduce gas demand by cooling the weather and cutting air conditioning use, knocking out power to homes and businesses and disrupting operations at LNG export plants and other industrial facilities.
There are currently about 68,300 homes and businesses without power in Texas, according to power outage tracking firm PowerOutage.us.
     
SUPPLY AND DEMAND
Financial firm LSEG said average gas output in the U.S. Lower 48 states rose to 112.2 billion cubic feet per day (bcfd) so far in September, up from a monthly high of 111.5 bcfd in August.
Record output and mild spring weather this year allowed energy firms to keep the amount of gas in inventory higher than the five-year (2021-2025) average since March.
But with hot weather last week, analysts said the amount of gas in storage likely eased to 5.3% above normal during the week ended August 28 from 5.5% above normal the previous week, according to estimates ahead of the weekly federal inventory report on Thursday. EIA/GAS NGAS/POLL
Gas inventories have remained in surplus despite weeks of above-normal temperatures this summer.
Meteorologists forecast the weather will remain mostly warmer than normal through September 17, pushing power generators to continue burning more gas than usual to keep air conditioners running. About 40% of U.S. power generation comes from gas-fired plants.
LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 112.5 bcfd this week to 109.4 bcfd next week. Those forecasts were higher than LSEG's outlook on Tuesday.
     
LNG EXPORTS
Average gas flows to the nine big U.S. LNG export plants rose to 18.0 bcfd so far in September from 17.2 bcfd in August. That is still short of the monthly record high of 18.8 bcfd in April.
On a daily basis, LNG feedgas slid from 18.3 bcfd on Tuesday to a one-week low of 17.6 bcfd on Wednesday, likely due to reductions at several plants in Texas and Louisiana as Tropical Storm Edouard crossed over the region.
The U.S. became the world's biggest LNG exporter in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more low-cost U.S. gas.
Around the world, gas was trading near 44-month highs of around $25 per mmBtu at the Dutch Title Transfer Facility (TTF) TRNLTTFMc1 benchmark in Europe and $24 at the Japan-Korea Marker (JKM) JKMc1 benchmark in Asia. NG/EU
     
 
Week ended Aug 28 Forecast
Week ended  Aug 21 Actual
Year ago Aug 28
Five-year average (2021-2025) Aug 28
 
 
U.S. weekly natgas storage change (bcf):
+31
+15
+50
+37
 
U.S. total natgas in storage (bcf):
3,215
3,184
3,264
3,054
 
U.S. total storage versus 5-year average
+5.3%
+5.5%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
2.94
2.90
3.01
3.62
3.79
Title Transfer Facility (TTF) TRNLTTFMc1
24.94
24.69
11.13
11.94
18.51
Japan-Korea Marker (JKM) JKMc1
23.62
22.71
11.32
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)
10
14
17
14
21
U.S. GFS Cooling Degree Days (CDD)
189
181
130
157
134
U.S. GFS Total Degree Days (TDD)
199
195
147
171
156
 
 
 
 
 
 
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
111.1
112.8
113.2
107.7
101.5
U.S. Imports from Canada
6.6
7.4
7.2
N/A
7.7
U.S. LNG Imports
0.0
0.0
0.0
0.0
0.0
Total U.S. Supply
117.8
120.2
120.4
N/A
109.2
 
 
 
 
 
 
U.S. Demand (bcfd)
 
 
 
 
 
U.S. Exports to Canada
2.6
2.3
2.1
N/A
2.3
U.S. Exports to Mexico
7.8
7.7
7.8
N/A
6.8
U.S. LNG Export Feedgas
17.0
18.2
17.5
15.8
12.6
U.S. Commercial
4.6
4.7
4.8
4.6
5.0
U.S. Residential
3.5
3.6
3.6
3.7
3.9
U.S. Power Plant
47.5
46.2
43.8
40.3
38.4
U.S. Industrial
21.8
21.9
21.8
22.0
22.1
U.S. Plant Fuel
5.5
5.6
5.6
5.5
5.3
U.S. Pipe Distribution
2.3
2.2
2.2
2.3
2.9
U.S. Vehicle Fuel
0.1
0.1
0.1
0.1
0.2
Total U.S. Consumption
85.3
84.3
82.0
78.5
77.8
Total U.S. Demand
112.8
112.5
109.4
N/A
99.5
 
 
 
 
 
 
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 Sep 4
Week ended Aug 28
2025
2024
2023
Wind
10
7
11
11
10
Solar
8
8
6
5
4
Hydro
4
4
6
6
6
Other
1
1
1
1
2
Petroleum
0
0
0
0
0
Natural Gas
42
45
40
42
41
Coal
17
17
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
2.90
2.90
2.97
3.52
3.72
Transco Z6 New York NG-CG-NY-SNL
1.98
2.00
1.85
3.53
3.56
PG&E Citygate NG-CG-PGE-SNL
3.34
3.37
3.74
3.42
5.47
Eastern Gas (formerly Dominion South) NG-PCN-APP-SNL
1.90
1.82
1.75
2.79
2.96
Chicago Citygate NG-CG-CH-SNL
2.71
2.66
2.81
3.23
3.60
Algonquin Citygate NG-CG-BS-SNL
1.90
2.20
2.18
6.08
5.04
SoCal Citygate NG-SCL-CGT-SNL
3.30
3.30
3.11
3.60
5.71
Waha Hub NG-WAH-WTX-SNL
2.08
2.02
-0.06
1.03
2.88
AECO NG-ASH-ALB-SNL
0.84
0.83
0.22
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
46.75
56.04
38.84
77.12
61.67
PJM West E-PJWHRTP-IX
119.29
140.24
51.24
60.23
54.47
Mid-Columbia (Mid C) W-MIDCP-IDX
32.77
35.48
56.16
44.81
68.96
Palo Verde W-PVP-IDX
32.54
43.25
38.04
34.82
59.94
South Path-15 (SP-15) W-SP15-IDX
27.67
30.55
36.05
28.44
53.02

 (Reporting by Scott DiSavino, Editing by Nick Zieminski and David Gregorio)
 ((scott.disavino@thomsonreuters.com; +1 332 219 1922; Reuters Messaging: scott.disavino.thomsonreuters.com@reuters.net/))