US natgas prices steady, boosted by high crude price, pressured by ample storage (updated)

US Global Investors

10/09/2026 15:31

Adds latest prices
EIA says utilities add 40 billion cubic feet to storage, above 31-bcf analyst forecast
Injection trailed both last year's 69-bcf build and the five-year 52-bcf average
Oil's 6% surge above $100 a barrel lent support amid shipping disruption concerns
European and Asian benchmark gas prices hovered near 44-month highs
By Scott DiSavino
NEW YORK, Sept 10 (Reuters) - U.S. natural gas futures held near a two-week low on Thursday, supported by surging oil prices and boosted demand forecasts for the next two weeks but pressured by near-record output and a bigger-than-expected weekly storage build.
Front-month gas futures for October delivery NGc1 on the New York Mercantile Exchange rose 1.2 cents, or 0.4%, to settle at $2.834 per million British thermal units. On Wednesday, the contract closed at its lowest since August 25.
Oil futures CLc1, LCOc1 jumped 6% on Thursday, with both major benchmarks trading at over $100 a barrel as the biggest spike in attacks on shipping since the Iran war began fed worries among traders about further disruptions to already tight supplies. O/R
The U.S. Energy Information Administration said energy firms added 40 billion cubic feet of gas to storage during the week ended September 4.
That was higher than the 31-bcf build analysts forecast in a Reuters poll and compares with an increase of 69 bcf during the same week last year and a five-year (2021-2025) average increase of 52 bcf for the period. EIA/GAS NGAS/POLL
Even though the storage build was above estimates, analysts said the injection was still lower than usual for this time of year as homes and businesses kept air conditioners cranked up last week to escape hotter-than-normal weather.
     
SUPPLY AND DEMAND
Financial firm LSEG said average gas output in the U.S. Lower 48 states rose to 113.4 billion cubic feet per day so far in September, up from a monthly record high of 112.2 bcfd in August.
Record output and mild spring weather have allowed energy firms to keep the amount of gas in inventory above the five-year (2021-2025) average since March.
Meteorologists forecast mostly warmer-than-normal weather through September 25, 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 111.7 bcfd this week to 109.9 bcfd next week. Those forecasts were higher than LSEG's outlook on Wednesday.
Average gas flows to the nine big U.S. LNG export plants rose to 18.3 bcfd so far in September, up from 17.2 bcfd in August, but still short of the 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.
Around the world, gas traded near 44-month highs of around $28 per mmBtu at the Dutch Title Transfer Facility TRNLTTFMc1 benchmark in Europe and $25 at the Japan-Korea Marker JKMc1 benchmark in Asia. NG/EU
     
 
Week ended Sep 4 Actual
Week ended  Aug 28 Actual
Year ago Sep 4
Five-year average (2021-2025) Sep 4
 
 
U.S. weekly natgas storage change (bcf):
+40
+30
+69
+52
 
U.S. total natgas in storage (bcf):
3,254
3,214
3,333
3,106
 
U.S. total storage versus 5-year average
+4.8%
+5.2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
2.80
2.82
3.01
3.62
3.79
Title Transfer Facility (TTF) TRNLTTFMc1
27.56
26.93
11.13
11.94
18.51
Japan-Korea Marker (JKM) JKMc1
24.69
24.39
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)
24
18
13
22
36
U.S. GFS Cooling Degree Days (CDD)
153
165
130
138
109
U.S. GFS Total Degree Days (TDD)
177
183
143
160
145
 
 
 
 
 
 
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
113.1
113.5
113.7
107.3
101.5
U.S. Imports from Canada
7.5
7.0
7.5
N/A
7.7
U.S. LNG Imports
0.0
0.0
0.0
0.0
0.0
Total U.S. Supply
120.6
120.5
121.2
N/A
109.2
 
 
 
 
 
 
U.S. Demand (bcfd)
 
 
 
 
 
U.S. Exports to Canada
2.3
2.5
2.5
N/A
2.3
U.S. Exports to Mexico
7.9
7.6
7.8
N/A
6.8
U.S. LNG Export Feedgas
18.3
18.5
18.2
15.5
12.6
U.S. Commercial
4.7
4.7
5.0
4.8
5.0
U.S. Residential
3.6
3.6
3.7
4.0
3.9
U.S. Power Plant
46.3
45.1
42.8
36.9
38.4
U.S. Industrial
21.9
21.8
21.9
22.1
22.1
U.S. Plant Fuel
5.6
5.6
5.6
5.6
5.3
U.S. Pipe Distribution
2.2
2.2
2.2
2.2
2.9
U.S. Vehicle Fuel
0.1
0.1
0.1
0.1
0.2
Total U.S. Consumption
84.4
83.2
81.4
75.7
77.8
Total U.S. Demand
112.8
111.7
109.9
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 11
Week ended Sep 4
2025
2024
2023
Wind
8
10
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
43
42
40
42
41
Coal
18
18
18
16
17
Nuclear
17
16
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
2.81
2.90
2.97
3.52
3.72
Transco Z6 New York NG-CG-NY-SNL
1.59
1.76
1.85
3.53
3.56
PG&E Citygate NG-CG-PGE-SNL
3.98
3.91
3.74
3.42
5.47
Eastern Gas (formerly Dominion South) NG-PCN-APP-SNL
1.52
1.72
1.75
2.79
2.96
Chicago Citygate NG-CG-CH-SNL
2.69
2.81
2.81
3.23
3.60
Algonquin Citygate NG-CG-BS-SNL
2.42
2.45
2.18
6.08
5.04
SoCal Citygate NG-SCL-CGT-SNL
4.79
4.75
3.11
3.60
5.71
Waha Hub NG-WAH-WTX-SNL
2.08
1.91
-0.06
1.03
2.88
AECO NG-ASH-ALB-SNL
0.89
0.80
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
53.06
50.51
38.84
77.12
61.67
PJM West E-PJWHRTP-IX
73.49
77.96
51.24
60.23
54.47
Mid-Columbia (Mid C) W-MIDCP-IDX
63.04
100.34
56.16
44.81
68.96
Palo Verde W-PVP-IDX
75.11
90.15
38.04
34.82
59.94
South Path-15 (SP-15) W-SP15-IDX
73.59
83.84
36.05
28.44
53.02

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