By Scott DiSavino
U.S. natural gas futures eased about 1% ahead of a federal report expected to show energy firms added more gas into storage last week when mild weather kept both heating and cooling demand low.
Front-month gas futures for October delivery 
NG1! on the New York Mercantile Exchange fell 3.3 cents, or 1.1%, to $3.067 per million British thermal units (mmBtu).
Analysts forecast energy firms injected 80 billion cubic feet (bcf) of gas into storage during the week ended September 12.
That compares with an increase of 56 bcf during the same week last year and an average build of 74 bcf over the past five years.
In the spot market, gas prices at the Waha Hub (NG-WAH-WTX-SNL) in the Permian shale in West Texas remained in negative territory for a third day this week as pipeline maintenance, including work on Kinder Morgan’s 
KMI El Paso Pipeline from Texas to California, continued to trap gas in the nation’s biggest oil-producing basin.
That was the eighth time Waha prices dropped below zero this year and compares with an average of $1.63 per mmBtu so far in 2025, 77 cents in 2024, and $2.91 over the previous five years (2019-2023).
Waha prices first averaged below zero in 2019. It happened 17 times in 2019, six times in 2020, once in 2023, and a record 49 times in 2024.
In the tropics, the U.S. National Hurricane Center said Tropical Storm Gabrielle in the central Atlantic would likely strengthen into a hurricane early next week as it moves northwest toward Bermuda. The system, however, is expected to turn to the northeast just before reaching Bermuda and is not expected to reach the U.S. mainland.
The NHC also said a tropical wave near the Cape Verde Islands, off the west coast of Africa, had a 20% chance of strengthening into a tropical cyclone over the next week as it moves west across the Atlantic Ocean.
Even though storms can boost gas prices by cutting output along the U.S. Gulf Coast, they are more likely to reduce prices by shutting LNG export plants and knocking out power to homes and businesses. About 40% of the power generated in the U.S. comes from gas-fired plants.
SUPPLY AND DEMAND
Financial firm LSEG said average gas output in the Lower 48 states fell to 107.4 billion cubic feet per day so far in September, down from a record monthly high of 108.3 bcfd in August.
Meteorologists forecast the weather will remain warmer than normal through at least October 3.
That late season heat, however, will not necessarily increase gas demand by much since it is more likely to reduce the usual increase in heating demand seen at this time of year rather than boost the amount of gas power generators burn to keep air conditioners humming.
LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 102.8 bcfd this week to 103.4 bcfd next week. Those forecasts were similar to LSEG’s outlook on Wednesday.
The average amount of gas flowing to the eight big U.S. LNG export plants eased to 15.7 bcfd so far in September, down from 15.8 bcfd in August. That compares with a monthly record high of 16.0 bcfd in April.
In other LNG news, Berkshire Hathaway Energy’s 0.8-bcfd Cove Point plant in Maryland is scheduled to shut soon for about a month of planned annual autumn maintenance.
Week ended Sep 12 Forecast
Week ended Sep 5 Actual
Year ago Sep 12
Five-year average Sep 12
U.S. weekly natgas storage change (bcf):
+80
+71
+56
+74
U.S. total natgas in storage (bcf):
3,423
3,343
3,437
3,229
U.S. total storage versus 5-year average
+6.0%
+6.0%
Global Gas Benchmark Futures ($ per mmBtu)
Current Day
Prior Day
This Month Last Year
Prior Year Average 2024
Five-Year Average (2019-2023)
Henry Hub NG1!
3.09
3.10
2.41
2.41
3.52
Title Transfer Facility (TTF) (TRNLTTFMc1)
11.37
11.24
11.75
10.95
15.47
Japan Korea Marker (JKM) (JKMc1)
11.48
11.45
13.41
11.89
15.23
LSEG Heating (HDD), Cooling (CDD) and Total (TDD) Degree Days
Two-Week Total Forecast
Current Day
Prior Day
Prior Year
10-Year Norm
30-Year Norm
U.S. GFS HDDs
17
15
11
38
57
U.S. GFS CDDs
131
136
130
112
86
U.S. GFS TDDs
148
151
141
150
143
LSEG U.S. Weekly GFS Supply and Demand Forecasts
Prior Week
Current Week
Next Week
This Week Last Year
Five-Year (2020-2024) Average For Month
U.S. Supply (bcfd)
U.S. Lower 48 Dry Production
107.4
107.3
107.4
101.0
97.8
U.S. Imports from Canada
7.1
7.0
6.7
N/A
7.3
U.S. LNG Imports
0.0
0.0
0.0
0.0
0.0
Total U.S. Supply
114.5
114.3
114.1
N/A
105.1
U.S. Demand (bcfd)
U.S. Exports to Canada
1.9
2.0
2.0
N/A
2.3
U.S. Exports to Mexico
8.0
6.9
7.9
N/A
6.3
U.S. LNG Export Feedgas
15.5
15.9
16.0
12.8
10.6
U.S. Commercial
4.8
4.7
4.8
4.8
5.0
U.S. Residential
4.1
3.8
3.8
4.0
3.9
U.S. Power Plant
37.2
40.0
39.5
40.2
37.0
U.S. Industrial
22.2
22.0
22.0
21.8
21.9
U.S. Plant Fuel
5.3
5.3
5.3
5.3
5.2
U.S. Pipe Distribution
2.0
2.1
2.1
2.0
3.1
U.S. Vehicle Fuel
0.1
0.1
0.1
0.1
0.2
Total U.S. Consumption
75.7
78.1
77.6
78.2
76.3
Total U.S. Demand
101.1
102.8
103.4
N/A
89.2
N/A is Not Available
U.S. Northwest River Forecast Center (NWRFC) at The Dalles Dam (Fiscal year ending Sep 30)
2025 Current Day % of Normal Forecast
2025
Prior Day % of Normal Forecast
2024
% of Normal Actual
2023
% of Normal Actual
2022
% of Normal Actual
Apr-Sep
76
76
74
83
107
Jan-Jul
78
78
76
77
102
Oct-Sep
80
80
77
76
103
U.S. weekly power generation percent by fuel – EIA
Week ended Sep 19
Week ended Sep 12
2024
2023
2022
Wind
9
9
11
10
11
Solar
7
8
5
4
3
Hydro
4
4
6
6
6
Other
1
1
1
2
2
Petroleum
0
0
0
0
0
Natural Gas
44
43
42
41
38
Coal
17
15
16
17
21
Nuclear
18
19
19
19
19
SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu)
Hub
Current Day
Prior Day
Henry Hub (NG-W-HH-SNL)
3.19
3.07
Transco Z6 New York (NG-CG-NY-SNL)
1.93
1.85
PG&E Citygate (NG-CG-PGE-SNL)
4.25
4.10
Eastern Gas (old Dominion South) (NG-PCN-APP-SNL)
1.82
1.76
Chicago Citygate (NG-CG-CH-SNL)
3.05
2.99
Algonquin Citygate (NG-CG-BS-SNL)
2.10
2.05
SoCal Citygate (NG-SCL-CGT-SNL)
4.23
4.01
Waha Hub (NG-WAH-WTX-SNL)
-0.06
-0.88
AECO (NG-ASH-ALB-SNL)
0.34
0.33
ICE U.S. Power Next-Day Prices ($ per megawatt-hour)
Hub
Current Day
Prior Day
New England (E-NEPLMHP-IDX)
38.99
37.26
PJM West (E-PJWHDAP-IDX)
55.21
45.64
Mid C (W-MIDCP-IDX)
46.19
54.39
Palo Verde (W-PVP-IDX)
44.67
39.25
SP-15 (W-SP15-IDX)
48.01
45.07