EIA Natural Gas Storage Report - May 8

[dan_s]

Working gas in storage was 2,145 Bcf as of Friday, May 2, 2025, according to EIA estimates.
This represents a net increase of 104 Bcf from the previous week.
Stocks were 412 Bcf less than last year at this time and 30 Bcf above the five-year average of 2,115 Bcf.
At 2,145 Bcf, total working gas is within the five-year historical range.

MY TAKE: Comparing gas volumes in storage to the 5-year historical average is no longer meaningful since demand for U.S. natural gas is much higher than it was five years ago. The volume in storage must be close to or above what was in storage a year ago by mid-November to meet space heating, electricity and LNG export demand. By 2030 demand for U.S. natural gas will be 20 BCF higher than it is in 2024.

My 2H 2025 forecasts are based on HH natural gas averaging $4.00 in Q3 and $4.50 in Q4.

See the Natural Gas Fundamentals presentation on the Antero Resources website.