Natural Gas Storage Builds 57 Bcf as Injection Season Accelerates and Inventory Deficits Narrow

The U.S. Energy Information Administration (EIA) reported a net injection of 57 billion cubic feet (Bcf) into Lower 48 natural gas storage inventories for the week ending April 4, 2025. Total working gas stocks now sit at 1,830 Bcf, representing a 450 Bcf (19.7%) deficit to year-ago levels and 40 Bcf (2.1%) below the five-year average.

This week’s report marks the fourth straight injection to start the 2025 storage season—a trend that underscores a robust early-season build, despite volatile macroeconomic conditions and market pressure from global trade tensions. Notably, last year at this time, the injection was just 16 Bcf, while the five-year average for this week stands at 17 Bcf. The current 57 Bcf build not only surpasses both benchmarks but also reflects accelerating storage recovery.

In fact, the inventory deficit compared to last year has shrunk significantly in recent weeks. Inventories were trailing year-ago levels by as much as 628 Bcf in early March, but that gap has narrowed by 178 Bcf over the past four weeks—a signal that supply-side strength and relatively mild early-spring demand may be stabilizing the storage outlook heading into summer.

Market Reactions and Expectations

Heading into Thursday’s EIA release, analysts had anticipated a storage injection in the range of 25 to 65 Bcf, with the consensus around 59 Bcf. The actual injection of 57 Bcf came in just under that midpoint, essentially matching market expectations. Nevertheless, U.S. natural gas futures showed a muted reaction. The prompt-month May 2025 NYMEX contract was last seen trading at $3.66 per MMBtu, down $0.16 from the previous day’s settlement—reflecting broader market sentiment driven by geopolitical and macroeconomic forces more than storage fundamentals.

A Strong Start with Caution Ahead

This early momentum in storage builds suggests that operators are keen to bolster reserves ahead of what could be a turbulent summer for energy markets. However, while the narrowing deficit is a positive development, the 2025 injection season is still in its early stages, and uncertainties loom large—from global trade policies to fluctuating energy demand.

While fundamentals like production and LNG export flows remain strong, sustained injections at or above seasonal averages will be necessary to ensure adequate inventory ahead of the winter withdrawal season.

For now, the market will be watching closely to see if this pace of storage recovery continues—and whether external economic headwinds ultimately shift the trajectory.