Natural Gas Storage: +104 Bcf

Large storage build lands near expectations.

The U.S. Energy Information Administration reported a weekly injection of 104 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending May 2, 2025 (Link).  Total inventories now stand at 2,145 Bcf, 412 Bcf (16.1%) below year-ago levels and 30 Bcf (1.4%) above the 2020-2024 average for the same week. 

Natural gas storage registered the second consecutive triple-digit build last week with 104 Bcf added to underground inventories. This was the third build in as many weeks to outpace the corresponding 5-year average changes, helping to push current storage levels to a 30 Bcf surplus to that widely followed benchmark. Looking back, since storage inventories began recording weekly additions during the week ending March 14, seven of the eight storage changes have been larger than the 5-year average. Over that time period, natural gas storage inventories have moved from a 11.9% deficit to the 5-year average level to a 1.4% surplus as of this report. Storage inventories remain far below year-ago levels, but have narrowed the gap to 2024 over that same eight-week period.