US natgas prices edge up on small storage build, higher demand forecast (updated)

US Global Investors

30/07/2026 15:31

EIA says utilities add 28 bcf of gas to storage, below analysts' forecast of 35 bcf
LSEG says July Lower 48 gas output averages record 110.7 bcfd
Hotter-than-normal weather is expected to persist through August 14
Adds latest prices
By Scott DiSavino
NEW YORK, July 30 (Reuters) - U.S. natural gas futures edged up about 1% on Thursday on a smaller-than-expected storage build and higher demand forecasts for this week.
On its first day as the front-month, gas futures for September delivery NGc1 on the New York Mercantile Exchange rose 3.3 cents, or 1.2%, to settle at $2.758 per million British thermal units (mmBtu).
That price increase occurred despite record output, lower flows to liquefied natural gas export plants and ample amounts of gas in storage.
The U.S. Energy Information Administration said energy firms added 28 billion cubic feet (bcf) of gas to storage during the week ended July 24.
That reading was below the 35-bcf build analysts forecast in a Reuters poll and compares with an increase of 44 bcf during the same week last year and a five-year (2021-2025) average increase of 26 bcf for the period. EIA/GAS NGAS/POLL
That build kept the amount of gas in storage at 6.4% above normal, the same as the previous week. EIA/GAS NGAS/POLL
     
SUPPLY AND DEMAND
Financial firm LSEG said average gas output in the U.S. Lower 48 states has risen to 110.7 billion cubic feet per day (bcfd) so far in July, up from 110.0 bcfd in June and 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.
That inventory surplus has continued due in part to near-record output despite weeks of above-normal temperatures so far this summer.
Meteorologists forecast the weather would remain mostly warmer than normal through August 14, 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.
LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 111.7 bcfd this week to 112.5 bcfd next week. The forecast for this week was higher than LSEG's outlook on Wednesday.
Average gas flows to the nine big U.S. LNG export plants eased to 17.2 bcfd so far in July due in part to maintenance at Freeport LNG's 2.4-bcfd plant in Texas, down from 17.4 bcfd in June and a monthly record high of 18.8 bcfd in April.
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.
Global gas prices have spiked in recent years primarily due to supply disruptions linked to Russia's invasion of Ukraine in 2022 and the U.S.-Israeli war with Iran this year.
Around the world, gas was trading around $20 per mmBtu at the Dutch Title Transfer Facility (TTF) TRNLTTFMc1 benchmark in Europe and $21 at the Japan-Korea Marker (JKM) JKMc1 benchmark in Asia. NG/EU
     
 
Week ended Jul 24 Actual
Week ended Jul 17 Actual
Year ago Jul 24
Five-year average (2021-2025) Jul 24
 
 
U.S. weekly natgas storage change (bcf):
+28
+32
+44
+26
 
U.S. total natgas in storage (bcf):
3,084
3,056
3,116
2,899
 
U.S. total storage versus 5-year average
+6.4%
+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
2.71
2.72
3.30
3.62
3.79
Title Transfer Facility (TTF) TRNLTTFMc1
19.74
20.24
9.98
11.94
18.51
Japan-Korea Marker (JKM) JKMc1
21.43
21.33
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
238
209
209
196
U.S. GFS Total Degree Days (TDD)
238
239
211
211
200
 
 
 
 
 
 
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
111.5
111.6
108.3
101.4
U.S. Imports from Canada
7.1
7.4
7.6
N/A
8.2
U.S. LNG Imports
0.0
0.0
0.0
0.0
0.0
Total U.S. Supply
117.8
118.9
119.2
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
7.3
7.1
N/A
6.6
U.S. LNG Export Feedgas
16.9
17.3
17.2
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
47.5
48.6
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
2.3
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
84.9
86.1
88.2
84.9
Total U.S. Demand
110.4
111.7
112.5
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
44
44
40
42
41
Coal
18
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
2.58
2.65
3.20
3.52
3.72
Transco Z6 New York NG-CG-NY-SNL
1.93
2.05
2.87
3.53
3.56
PG&E Citygate NG-CG-PGE-SNL
3.16
3.08
3.45
3.42
5.47
Eastern Gas (formerly Dominion South) NG-PCN-APP-SNL
1.85
1.95
2.61
2.79
2.96
Chicago Citygate NG-CG-CH-SNL
2.47
2.49
2.95
3.23
3.60
Algonquin Citygate NG-CG-BS-SNL
2.08
2.25
4.50
6.08
5.04
SoCal Citygate NG-SCL-CGT-SNL
3.84
3.89
3.70
3.60
5.71
Waha Hub NG-WAH-WTX-SNL
1.76
1.84
1.57
1.15
2.88
AECO NG-ASH-ALB-SNL
1.08
1.13
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
47.00
51.31
89.06
77.12
61.67
PJM West E-PJWHRTP-IX
52.47
57.28
87.25
60.23
54.47
Mid-Columbia (Mid C) W-MIDCP-IDX
65.12
65.49
52.17
44.81
68.96
Palo Verde W-PVP-IDX
66.43
70.38
48.82
34.82
59.94
South Path-15 (SP-15) W-SP15-IDX
51.40
50.94
33.95
28.44
53.02
     

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