The EIA stated in its latest Short-Term Energy Outlook, that U.S. working natural gas inventories will be 3,954 billion cubic feet (Bcf) by the end of October, the most natural gas in U.S. storage since November 2016. It also forecast less-than-average cumulative injections for the rest of the injection season (through October) because inventories were relatively well supplied in March and because it expects more U.S. consumption of natural gas than average this summer and relatively flat natural gas production.

At the end of March 2024, at the time of year when natural gas inventories are often at their lowest, U.S. natural gas inventories were relatively well supplied. Since then, net injections into U.S. working natural gas storage totaled 1,004 Bcf through the end of July, or 17% less than the average from March through July over the previous five years (2019–23).

EIA expects the Henry Hub price to stay relatively low, remaining below $2.50/MMBtu through October. However, we expect seasonal increases in consumption for space heating, along with a ramp up in liquefied natural gas (LNG) exports from new facilities in Texas and Louisiana, will push the Henry Hub price to average about $3.10/MMBtu from November through March.

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