Storage Levels Remain Elevated
Natural gas prices have stabilized around the $3.60 level as US storage levels remain elevated heading into the winter heating season, though recent cold weather has provided some support.
Inventory Data
The Energy Information Administration reported total working gas in storage at 3.65 trillion cubic feet—roughly 5% above the five-year average for this time of year.
Weather Outlook
Extended forecasts show mixed temperatures across much of the eastern United States through mid-January, with brief cold snaps expected to drive periodic demand spikes.
- Henry Hub front-month contract: $3.62/MMBtu
- 30-day weather outlook: Near normal temperatures
- Storage vs 5-year avg: +180 Bcf
Producer Response
Major producers including EQT and Southwestern Energy are monitoring market conditions, with capital expenditure decisions for 2025 dependent on price recovery.