US natural gas drops 4% as storage build beats forecasts (updated)

US Global Investors

23/04/2026 15:31

EIA reports 103 bcf storage build, exceeding analyst forecasts

Mild weather reduces heating demand, boosting gas injections into storage

Waha Hub prices remain negative due to pipeline constraints in Permian region

Adds closing prices

By Scott DiSavino

NEW YORK, April 23 (Reuters) -
U.S. natural gas futures fell about 4% to a one-week low on Thursday on a bigger-than-expected build in stockpiles and expectations that energy firms will keep injecting more gas into storage than usual in coming weeks.

After rising for six days in a row, front-month gas futures for May delivery NGc1 on the New York Mercantile Exchange fell 10.8 cents, or 4.0%, to settle at $2.614 per million British thermal units (mmBtu), their lowest close since April 15.

The U.S. Energy Information Administration (EIA) said energy firms added 103 billion cubic feet (bcf) of gas into storage during the week ended April 17. EIA/GAS NGAS/POLL

That was bigger than the 94-bcf build analysts forecast in a Reuters poll and compared with an increase of 77 bcf during the same week last year and a five-year (2021-2025) average increase of 64 bcf for the period. Analysts had said they expected last week's build would be bigger than usual because mild weather kept heating demand low.

In the cash market, average prices at the Waha Hub NG-WAH-WTX-SNL in West Texas have remained in negative territory for a record 54 days in a row as pipeline constraints continued to trap gas in the Permian region, the nation's biggest oil-producing shale basin.

Daily Waha prices first averaged below zero in 2019. They did so 17 times in 2019, six times in 2020, once in 2023, 49 times in 2024, 39 times in 2025, and a record 63 times so far this year.

Waha prices have averaged a negative $1.91 per mmBtu so far in 2026, compared with a positive $1.15 in 2025 and a positive $2.88 over the past five years (2021-2025).

SUPPLY AND DEMAND

Financial firm LSEG said average gas output in the U.S. Lower 48 states has eased to 110.3 billion cubic feet per day (bcfd) so far in April, down from 110.4 bcfd in March. That figure compares with a monthly record high of 110.7 bcfd in December 2025.

On a daily basis, output was on track to drop by around 3.8 bcfd over the past 17 days to a preliminary 11-week low of 108.3 bcfd on Thursday. Preliminary data, however, is often revised later in the day.

Looking ahead, meteorologists forecast the weather will remain mostly near normal through May 8.

LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 103.7 bcfd this week to 100.5 bcfd next week. That forecast was similar to LSEG's outlook on Wednesday.

Average gas flows to the nine big U.S. LNG export plants have risen to 18.9 bcfd so far in April, up from 18.6 bcfd in March. That reading compares with a monthly record high of 18.7 bcfd in February.

The first tanker departed QatarEnergy/ExxonMobil's XOM.N 2.4-bcfd Golden Pass LNG export plant in service and under construction in Texas with the facility's inaugural cargo on Wednesday.

Week ended April 17 Actual
Week ended April 10 Actual
Year ago April 17
Five-year average (2021-2025) April 17
U.S. weekly natgas storage change (bcf):
+103
+60
+77
+64
U.S. total natgas in storage (bcf):
2,063
1,960
1,921
1,926
U.S. total storage versus 5-year average
+7.1%
+5.3%
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
2.72
2.72
3.43
3.62
3.79
Title Transfer Facility (TTF) TRNLTTFMc1
15.46
15.15
11.48
11.94
18.51
Japan-Korea Marker (JKM) JKMc1
16.13
15.81
12.23
12.24
18.12
LSEG U.S. Global Forecast System (GFS) Heating, Cooling and Total Degree Days
Two-Week Total Forecast
Current Day
Prior Day
Prior Year
10-Year Norm
30-Year Norm
U.S. GFS Heating Degree Days (HDD)
112
112
82
124
112
U.S. GFS Cooling Degree Days (CDD)
49
47
56
46
46
U.S. GFS Total Degree Days (TDD)
161
159
137
170
158
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
110.0
109.4
109.8
106.4
99.9
U.S. Imports from Canada
6.8
6.7
6.6
N/A
7.5
U.S. LNG Imports
0.0
0.0
0.0
0.0
0.0
Total U.S. Supply
116.8
116.0
116.4
N/A
107.4
U.S. Demand (bcfd)
U.S. Exports to Canada
2.4
2.4
2.4
N/A
2.5
U.S. Exports to Mexico
6.5
6.8
6.2
N/A
6.1
U.S. LNG Export Feedgas
18.6
18.8
18.7
15.8
13.1
U.S. Commercial
6.4
7.2
6.3
6.3
8.6
U.S. Residential
7.6
8.8
7.2
7.3
11.4
U.S. Power Plant
30.0
29.3
29.8
30.5
27.2
U.S. Industrial
22.3
22.9
22.5
22.4
23.3
U.S. Plant Fuel
5.4
5.4
5.4
5.4
5.3
U.S. Pipe Distribution
2.0
2.0
1.9
2.0
3.0
U.S. Vehicle Fuel
0.1
0.1
0.1
0.1
0.2
Total U.S. Consumption
73.8
75.8
73.2
74.0
79.0
Total U.S. Demand
101.4
103.7
100.5
N/A
100.7
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
93
95
76
74
83
Jan-Jul
97
98
78
76
77
Oct-Sep
101
102
80
77
76
U.S. weekly power generation percent by fuel - EIA
Week ended Apr 24
Week ended Apr 17
2025
2024
2023
Wind
15
18
11
11
10
Solar
9
9
6
5
4
Hydro
7
6
6
6
6
Other
2
2
1
1
2
Petroleum
0
0
0
0
0
Natural Gas
36
35
40
42
41
Coal
13
14
18
16
17
Nuclear
18
18
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
2.75
2.76
3.41
3.52
3.72
Transco Z6 New York NG-CG-NY-SNL
2.18
2.18
2.81
3.53
3.56
PG&E Citygate NG-CG-PGE-SNL
1.29
1.33
2.63
3.42
5.47
Eastern Gas (formerly Dominion South) NG-PCN-APP-SNL
1.92
1.95
2.69
2.79
2.96
Chicago Citygate NG-CG-CH-SNL
2.30
2.23
3.03
3.23
3.60
Algonquin Citygate NG-CG-BS-SNL
2.16
2.45
3.15
6.08
5.04
SoCal Citygate NG-SCL-CGT-SNL
2.02
2.01
2.94
3.60
5.71
Waha Hub NG-WAH-WTX-SNL
-4.37
-3.57
1.38
1.15
2.88
AECO NG-ASH-ALB-SNL
0.93
0.93
1.60
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
43.94
63.48
42.26
77.61
61.79
PJM West E-PJWHRTP-IX
68.72
59.19
50.50
60.23
54.47
Mid-Columbia (Mid C) W-MIDCP-IDX
6.18
4.99
26.45
44.81
68.96
Palo Verde W-PVP-IDX
2.33
4.50
25.26
34.82
59.94
South Path-15 (SP-15) W-SP15-IDX
0.91
-0.78
9.76
28.44
53.02

Z

 (Reporting by Scott DiSavino; Editing by Paul Simao, Louise Heavens and Deepa Babington)

 ((scott.disavino@thomsonreuters.com; +1 332 219 1922; Reuters Messaging: scott.disavino.thomsonreuters.com@reuters.net/))