· Brian Horton · Natural gas storage · 3 min read
U.S. Natural Gas Storage Rises by 110 Bcf as LNG Maintenance Slows Demand
U.S. underground natural gas storage rose by 110 Bcf for the week ending May 9, 2025, according to the EIA. While inventories are above the five-year average, LNG feedgas demand and production both declined, pressuring prices below $3.60/MMBtu.
The U.S. Energy Information Administration (EIA) reported that working natural gas in underground storage across the Lower 48 states totaled 2,255 billion cubic feet (Bcf) for the week ending May 9, 2025. This represents a net increase of 110 Bcf from the previous week, reflecting steady injections as the summer build season progresses.
Despite the weekly gain, storage levels remain 375 Bcf below the same period last year, marking a 14.3% year-over-year decline. However, inventories are 57 Bcf above the five-year average, placing current stocks within historical seasonal ranges.
The build was broad-based across all major regions, with the South Central and East regions accounting for the largest weekly gains. While some regions, including the Mountain and Pacific, continue to show year-over-year deficits, their storage levels remain strong compared to five-year benchmarks.
Gas Futures Fall Below $3.60 Amid Reduced LNG Feedgas
Natural gas prices dipped below $3.60 per MMBtu this week as near-term demand expectations softened, largely due to ongoing seasonal maintenance at several U.S. liquefied natural gas (LNG) export facilities. LNG feedgas demand has fallen to an average of 15.1 billion cubic feet per day (Bcf/d) in May, down from the record 16.0 Bcf/d in April.
Maintenance at Cameron LNG in Louisiana and Cheniere’s Corpus Christi terminal in Texas has notably slowed gas flows. Corpus Christi’s intake dropped to 1.5 Bcf/d—a two-month low. Additionally, Freeport LNG experienced a brief outage earlier in the month, further limiting short-term export capacity.
Market analysts anticipate these declines are temporary. The EIA and other forecasters expect natural gas prices to recover later this summer, driven by renewed LNG demand and rising power sector consumption during peak cooling season.
Production Declines Slightly in the Lower 48
Natural gas production in the Lower 48 states is showing signs of softening. Average daily output through the first half of May has slipped to 103.7 Bcf/d, compared to 105.8 Bcf/d in April. While modest, this production dip adds to the tightening fundamentals in the broader gas market and could contribute to increased price volatility as summer demand intensifies.
Outlook: Injection Season Progressing Amid Shifting Demand Signals
This week’s storage report reflects a typical mid-May pattern, with consistent injections and a moderate surplus over the five-year average. However, the significantly lower year-over-year storage level suggests a more bullish underlying trend, particularly as LNG facilities complete maintenance cycles and global demand remains robust.
The U.S. continues to lead globally in LNG exports, and any rebound in international demand or unforeseen weather shifts could put upward pressure on prices in the months ahead.
The next Weekly Natural Gas Storage Report will be released on Thursday, May 22, 2025, at 10:30 a.m. EST.
For full data and historical comparisons, visit EIA.gov.
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- Natural Gas Storage
- EIA Weekly Report
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