According to our analysis natural gas moved 28 ticks on DOE Natural Gas Storage Report data on 24 April 2025.
Natural gas (28 ticks)
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Natural Gas Market Update: Week Ending April 23, 2025
The U.S. natural gas market experienced a broad decline in prices and demand this past week, influenced primarily by unseasonably warm weather and lower residential consumption across key regions. Here's a snapshot of the major trends driving the market, based on data from the U.S. Energy Information Administration (EIA) and S&P Global Commodity Insights.
Price Movements
National Benchmarks:
Henry Hub Spot Price dropped by 28 cents, from $3.21/MMBtu to $2.93/MMBtu.
May 2025 NYMEX Futures fell by 23 cents, ending at $3.022/MMBtu.
The 12-month strip (May 2025–April 2026) averaged $3.756/MMBtu, down 17 cents from the prior week.
Regional Highlights:
Northeast prices saw sharp declines due to warming temperatures. Boston’s Algonquin Citygate fell 68 cents to $2.19/MMBtu, while Transco Zone 6 NY dropped 65 cents to $2.08/MMBtu.
Waha Hub in the Permian Basin saw the largest regional decline, falling $1.33.
Houston Ship Channel stood out with an 11-cent increase.
Weather and Demand Impacts
Temperature swings significantly reduced heating demand in the Northeast:
Boston: Avg. temperature rose from 45°F to 56°F, leading to 72 fewer heating degree days.
New York (Central Park): Avg. temperature climbed 14°F to 62°F.
This warming trend led to a 51% drop in residential and commercial natural gas consumption in the Northeast, down 4.6 Bcf/d week-over-week.
Supply and Demand Overview
Total supply of natural gas fell by 1.0 Bcf/d (0.9%), mainly due to a 16.3% drop in net imports from Canada.
Dry gas production remained flat at 106.3 Bcf/d.
Total U.S. consumption dropped by 6.3 Bcf/d (8.7%), driven by a:
31.7% decline in residential and commercial use (-6.7 Bcf/d),
2.6% decline in industrial consumption (-0.6 Bcf/d),
Slight 3.3% increase in power generation use (+0.9 Bcf/d).
LNG Exports and Pipeline Activity
LNG pipeline receipts averaged 16.1 Bcf/d, down 0.7 Bcf/d from the previous week.
South Louisiana terminals led the drop, down 6.7% (0.7 Bcf/d).
South Texas and other U.S. terminals held steady.
27 LNG vessels departed U.S. ports, carrying a combined 102 Bcf of natural gas.
Rig Activity
Natural gas rig count increased by 1 rig to 98.
Gains were noted in the Marcellus (+1) and Utica (+2).
Two rigs were dropped in unspecified regions.
Oil-directed rigs also rose by 1, bringing the total U.S. rig count to 585, still 34 rigs fewer than the same time last year.
Storage Update
Net injections into storage totaled 88 Bcf, above both the five-year average (58 Bcf) and last year’s injections (86 Bcf) for this week.
Working gas stocks stood at 1,934 Bcf, which is:
2% below the five-year average,
20% below last year’s level at this time.
Key Takeaway:
Warmer weather across the U.S. has significantly reduced natural gas consumption, especially in the Northeast, leading to falling prices and a slight build in storage. While supply has held relatively steady, the combination of reduced imports, softening demand, and flat production paints a picture of a well-supplied market under less pressure—at least for now.
Disclaimer: This blog post is for informational purposes only and should not be construed as financial advice. Always conduct thorough research and consider seeking advice from a financial professional before making any investment decisions.
Source: https://www.eia.gov/naturalgas/weekly/archivenew_ngwu/2025/04_24/
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