EIA Natural Gas Storage as of 12/12/25, as reported 12/18/25
*Working gas in storage was 3,579 Bcf as of Friday, December 12, 2025, according to EIA estimates. This represents a net decrease of 167 Bcf from the previous week. Stocks were 61 Bcf less than last year at this time and 32 Bcf above the five-year average of 3,547 Bcf. At 3,579 Bcf, total working gas is within the five-year historical range.
The NYMEX January contract closed at $4.02/MMBtu yesterday, a $0.14/MMBtu increase from Tuesday’s close. This week, January has averaged $3.99/MMBtu, around $0.50/MMBtu below last week’s average of $4.49/MMBtu. It is trading at $4.07/MMBtu, up $0.04/MMBtu from the previous day’s close. Natural gas prices moved higher overnight despite bearish revisions to the two-week forecast, as the market continues to price in the potential for colder-than-normal conditions developing in January. L48 production remains steady near 109-109.5 Bcf/d, with NE volumes gradually rebounding from recent lows and Haynesville output up roughly 0.8 Bcf/d MoM, reinforcing an otherwise resilient supply backdrop. LNG feedgas demand is holding near 19 Bcf/d, though flows to Calcasieu Pass have softened over the past two days, partially offset by early fuel-gas activity at Golden Pass following recent FERC approval. Res/Comm demand continues to ease as temperatures moderate across the East and South, with only brief near-term cold expected in the NE and MW before warmer-than-normal conditions return during the Christmas period. Canadian imports have averaged ~6.8 Bcf/d over the past week, while Mexican exports remain steady near 6.2 Bcf/d. With weather models trimming HDDs over the past 24 hours and Winter EOS estimates drifting slightly milder, upside appears limited as the market balances near-term cold risks against a softer late-December demand profile.
*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
