❄️ U.S. Natural Gas Inventories Enter Winter at Highest Levels Since 2016

Tony Zelinski
3 minutes ago
1 min read

The U.S. Energy Information Administration (EIA) reports that working natural gas in storage across the Lower 48 states ended the 2025 refill season at over 3,900 billion cubic feet (Bcf)—the highest starting point for winter since 2016.

Key Highlights

Strong Refill Season: Net injections totaled 2,105 Bcf, 11% above the five-year average.
Production Support: Record-high natural gas production this summer enabled operators to meet end-of-season targets.
Regional Strength: Inventories exceeded five-year averages in the Mountain (+20%), Pacific (+12%), and South Central (+6%) regions. East and Midwest were near average.
Capacity Utilization: Storage was 92% full nationwide as of October 31, with all regions at least 86% full.
Winter Outlook: EIA forecasts withdrawals of more than 1,900 Bcf during the 2025–26 heating season, leaving inventories 9% above the five-year average by March 2026.

Why It Matters

High starting inventories provide a buffer against winter demand spikes, reducing price volatility risk. With storage levels well above average, the market enters the heating season in a position of strength, supported by robust production and infrastructure expansion.

Strategic Implications

Market Stability: Elevated inventories could temper upward price pressure during cold snaps.
Regional Reliability: Strong refill performance across diverse regions enhances resilience.
Forward Planning: Operators and consumers alike can expect more balanced supply-demand dynamics, though weather remains the wild card.