EIA Natural Gas Storage as of 11/21/25, as reported 11/26/25
*Working gas in storage was 3,935 Bcf as of Friday, November 21, 2025, according to EIA estimates. This represents a net decrease of 11 Bcf from the previous week. Stocks are 32 Bcf less than last year at this time and 160 Bcf above the five-year average of 3,775 Bcf. At 3,935 Bcf, total working gas is within the five-year historical range.*
The NYMEX December contract expired at $4.42/MMBtu yesterday, a $0.13/MMBtu decrease from Monday’s close. This week, the January contract has averaged $4.58/MMBtu, around $0.09/MMBtu below last week’s average. It is trading at $4.59/MMBtu, up $0.11/MMBtu from the previous day’s close. December dipped significantly at expiration, reflecting robust supply, record-high Canadian storage, and production up ~2 Bcf/d M/M. Storage remains ample near 3,940 Bcf heading into Thanksgiving, keeping early-winter upside capped despite volatility. However, December is forecast to be the coldest since 2017, with gas-weighted HDDs running +136 above the 5-yr average, raising withdrawal expectations sharply.
Forecasts call for a rapid tightening in storage, including projected draws of –157 Bcf and –136 Bcf in early December, which could erase the surplus versus the 5-year average by New Year’s. Weather remains the dominant driver, with DTN projecting potential December withdrawals up to 180 Bcf above the 10-year average if cold persists. LNG feedgas demand is at record highs, and further terminal expansions (e.g., Rio Grande LNG Train 6) reinforce long-term export growth.
*Source: U.S. Energy Information Administration (EIA) Weekly Natural Gas Storage Report
Working Gas in Underground Storage, Lower 48
Working Gas in Underground Storage vs. 5-Year Maximum and Minimum
Current Market
