U.S. Natural Gas Storage Rises to 3,915 Bcf: EIA Reports Modest Build Amid Strong LNG Exports and High Production

A fresh look at the latest figures from the U.S. Energy Information Administration (EIA) shows the total working gas in underground storage across the Lower 48 states reached 3,915 billion cubic feet (Bcf) as of Friday, October 31, 2025. That marks a weekly net injection of 33 Bcf. Compared with a year ago at this time, stocks are 6 Bcf behind, yet they stand 162 Bcf above the five-year average of 3,753 Bcf. At this level, the inventory remains comfortably within the historical five-year range.

Regionally the picture varies. The East region has 909 Bcf, down 4 Bcf (-0.4%) from last week and about 2.5% below last year’s 932 Bcf. The Midwest posted 1,105 Bcf, a gain of 20 Bcf, representing a 0.9% increase relative to the five-year average of 1,095 Bcf. The Mountain region stands at 288 Bcf (up 2 Bcf), roughly 19.5% above its five-year norm of 241 Bcf. The Pacific region recorded 318 Bcf (+2 Bcf), 12.0% above its five-year average. In the South Central region, total storage is 1,296 Bcf, up 14 Bcf, which is approximately 2.6% above last year’s 1,263 Bcf and 6.0% above its five-year average of 1,223 Bcf. The South Central is further broken down: salt-cavern facilities at 341 Bcf (+5 Bcf) and nonsalt facilities at 955 Bcf (+8 Bcf) show moderate builds.

What do these numbers say about the broader market? First, inventories are elevated compared with the historical average, giving the system a healthy cushion as we head deeper into the heating season. Second, despite that cushion, the weekly build of only 33 Bcf is modest — when supply and weather allow for higher injections, slower builds may hint at underlying demand or export strength. Indeed, U.S. natural gas futures have climbed above US$4.30 per MMBtu, reflective of robust export demand for liquefied natural gas (LNG) and global supply tightness. Meanwhile, production in the Lower 48 has surged to approximately 108.7 Bcf per day, surpassing earlier levels and enabling storage injections even as demand remains moderate.

Looking ahead, several dynamics will be key. Warmer-than-normal weather through November may suppress typical heating demand and slow the shift from injection to withdrawal, which would further bolster storage levels. Yet at the same time, near-record LNG export flows—already averaging 17.4 Bcf per day from major plants—are expected to rise as Europe and Asia continue to secure U.S. supply in response to geopolitical risk. That export demand will help absorb supply and may reduce pressure on domestic inventories. On the supply side, strong production adds to flexibility in the market but may keep a lid on price upside unless demand outpaces supply.

From an investment or operations perspective, the high inventory backdrop suggests that risk to the supply side is lower than if stocks were tight, but the limited injection build and export strength indicate that demand could quickly become the swing driver. Price watchers will closely monitor weather trends, LNG flows, and weekly storage injections, as a down-trend in builds coupled with rising export demand could shift the balance tighter.

In summary, the October 31 report shows the U.S. natural gas storage system in a solid position heading into winter, albeit with a modest weekly build that points to firm underlying demand trends. With elevated inventories and strong exports, the market remains well-supplied, but participants should remain alert to any shift in weather or global flows that could tighten the balance.