US natural gas futures tick lower on slightly bigger than expected storage build
By Anjana Anil and Sarah Qureshi
April 2 (Reuters) - U.S. natural gas futures eased on Thursday to the lowest in more than a month, after a federal report showed energy companies injected slightly more gas than expected into storage, indicating weaker demand and higher production.
Front-month gas futures NGc1 for May delivery on the New York Mercantile Exchange fell 0.7%, to settle at $2.80 per million British thermal units. The contract dropped to its lowest level since February 26 earlier in the session.
Energy companies added 36 bcf of gas into stockpiles during the week ended March 27, the U.S. Energy Information Administration said on Thursday.
That was slightly more than the 34 bcf injection forecast by analysts in a Reuters poll and an injection of 30 bcf in the same week a year ago. It was also above an average decline of 4 bcf in that week over the past five years (2021-2025).
"The market is looking at the larger picture with supplies being above average and that's putting down more pressure on prices," said Phil Flynn, senior analyst for Price Futures Group.
"The supplies are higher, they're above normal. I don't see a lot of hope turning the trend around anytime soon unless there's some type of a big weather news. ... It looks like the market's going to be heavy and headed downward for the short term."
March is part of the winter season when utilities usually pull gas from storage to meet heating demand. However, mild weather has allowed energy firms to start injecting gas into storage.
Financial firm LSEG projected average gas demand in the Lower 48 states, including exports, would fall from 108.7 bcfd this week to 107.6 bcfd next week.
Meanwhile, oil prices climbed sharply after President Donald Trump said the U.S. would continue attacks on Iran, stoking fears of prolonged disruptions to oil supply. O/R
Benchmark Dutch and British wholesale gas prices also rose early on Thursday. NG/EU
| Week ended Mar 27 Actual | Week ended Mar 20 Actual | Year ago Mar 27 | Five-year average (2021-2025) Mar 27 |
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U.S. weekly natgas storage change (bcf): | +36 | -54 | +30 | -4 |
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U.S. total natgas in storage (bcf): | 1,865 | 1,829 | 1,769 | 1,811 |
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U.S. total storage versus 5-year average | +3.0% | +0.8% |
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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 | 2.84 | 2.86 | N/A | 3.62 | 3.79 |
Title Transfer Facility (TTF) TRNLTTFMc1 | 16.94 | 16.47 | N/A | 11.94 | 18.51 |
Japan-Korea Marker (JKM) JKMc1 | 19.83 | 20.130 | N/A | 12.24 | 18.12 |
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LSEG U.S. Global Forecast System (GFS) Heating, Cooling and Total Degree Days |
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Two-Week Total Forecast | Current Day | Prior Day | Prior Year | 10-Year Norm | 30-Year Norm |
U.S. GFS Heating Degree Days (HDD) | 148 | 158 | 197 | 207 | 215 |
U.S. GFS Cooling Degree Days (CDD) | 38 | 35 | 33 | 25 | 18 |
U.S. GFS Total Degree Days (TDD) | 186 | 193 | 230 | 232 | 233 |
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LSEG U.S. Weekly GFS Supply and Demand Forecasts |
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| Prior Week | Current Week | Next Week | This Week Last Year | Five-Year (2021-2025) Average for Month |
U.S. Supply (bcfd) |
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U.S. Lower 48 Dry Production | 109.9 | 110.6 | 110.7 | 106.8 | 99.9 |
U.S. Imports from Canada | 7.3 | 6.9 | 6.4 | N/A | 8.0 |
U.S. LNG Imports | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
Total U.S. Supply | 117.2 | 117.5 | 117.1 | N/A | 108.0 |
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U.S. Demand (bcfd) |
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U.S. Exports to Canada | 3.9 | 3.5 | 2.8 | N/A | 3.4 |
U.S. Exports to Mexico | 6.3 | 5.6 | 6.2 | N/A | 5.8 |
U.S. LNG Export Feedgas | 18.7 | 18.9
| 18.6 | 16.1 | 13.2 |
U.S. Commercial | 9.0 | 8.9 | 8.9 | 9.8 | 12.1 |
U.S. Residential | 12.0 | 11.8 | 11.9 | 13.9 | 18.3 |
U.S. Power Plant | 29.3 | 29.1 | 27.9 | 29.6 | 31.8 |
U.S. Industrial | 23.1 | 23.2 | 23.5 | 23.6 | 24.5 |
U.S. Plant Fuel | 5.4 | 5.5 | 5.5 | 5.4 | 5.4 |
U.S. Pipe Distribution | 2.2 | 2.1 | 2.1 | 2.5 | 4.0 |
U.S. Vehicle Fuel | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
Total U.S. Consumption | 81.1 | 80.8 | 79.9 | 84.9 | 96.3 |
Total U.S. Demand | 110.0 | 108.7 | 107.6 | N/A | 118.7 |
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N/A = Not Available |
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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 | 96 | 96 | 76 | 74 | 83 |
Jan-Jul | 99 | 100 | 78 | 76 | 77 |
Oct-Sep | 102 | 103 | 80 | 77 | 76 |
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U.S. weekly power generation percent by fuel - EIA |
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| Week ended Mar 27 | Week ended Mar 20 | 2025 | 2024 | 2023 |
Wind | 16 | 17 | 11 | 11 | 10 |
Solar | 9 | 8 | 6 | 5 | 4 |
Hydro | 8 | 8 | 6 | 6 | 6 |
Other | 1 | 1 | 1 | 1 | 2 |
Petroleum | 0 | 0 | 0 | 0 | 0 |
Natural Gas | 35 | 34 | 40 | 42 | 41 |
Coal | 13 | 12 | 18 | 16 | 17 |
Nuclear | 18 | 19 | 18 | 19 | 19 |
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SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu) |
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Hub | Current Day | Prior Day | This Month Last Year | Prior Year Average 2025 | Five-Year Average (2021-2025) |
Henry Hub NG-W-HH-SNL | 2.985 | 3.152 | N/A | 3.52 | 3.72 |
Transco Z6 New York NG-CG-NY-SNL | 2.288 | 1.847 | N/A | 3.53 | 3.56 |
PG&E Citygate NG-CG-PGE-SNL | 1.541 | 1.619 | N/A | 3.42 | 5.47 |
Eastern Gas (old Dominion South) NG-PCN-APP-SNL | 2.079 | 1.904 | N/A | 2.79 | 2.96 |
Chicago Citygate NG-CG-CH-SNL | 2.383 | 2.588 | N/A | 3.23 | 3.60 |
Algonquin Citygate NG-CG-BS-SNL | 2.550 | 1.978 | N/A | 6.08 | 5.04 |
SoCal Citygate NG-SCL-CGT-SNL | 1.966 | 2.036 | N/A | 3.60 | 5.71 |
Waha Hub NG-WAH-WTX-SNL | -3.88 | -3.67 | N/A | 1.15 | 2.88 |
AECO NG-ASH-ALB-SNL | 1.357 | 1.409 | N/A | 1.13 | 2.13 |
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Intercontinental Exchange (ICE) U.S. Power Next-Day Prices ($ per megawatt-hour) |
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Hub | Current Day | Prior Day | This Month Last Year | Prior Year Average 2025 | Five-Year Average (2021-2025) |
New England E-NEPLMHP-IDX | 47.37 | 36.52 | N/A | 77.61 | 61.79 |
PJM West E-PJWHRTP-IX | 57.72 | 61.14 | N/A | 60.23 | 54.47 |
Mid-Columbia (Mid C) W-MIDCP-IDX | 11.45 | 22.96 | N/A | 44.81 | 68.96 |
Palo Verde W-PVP-IDX | 9.69 | - | N/A | 34.82 | 59.94 |
South Path-15 (SP-15) W-SP15-IDX | - | - | N/A | 28.44 | 53.02 |
