Natural Gas Storage: +18 Bcf

Build comes up shy of market expectations and historical benchmarks.

The U.S. Energy Information Administration reported a weekly injection of 18 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending August 22, 2025 (Link).  Total inventories now stand at 3,217 Bcf, 112 Bcf (3.4%) below year-ago levels and 154 Bcf (5.0%) above the 2020-2024 average for the same week. 

Natural gas stocks increased by just 18 Bcf last week, according to this morning’s government report. This represents the second consecutive build that fell short of the same week in 2024 and the five-year average, expanding the deficit to year-ago stocks and narrowing the surplus to the historical norm. Prior to these two weeks, this season had not seen consecutive reports showing a build smaller than both benchmarks. The surplus to the five-year average narrowed by 42 Bcf over the past two reports, and at 154 Bcf, that cushion is the smallest since May 30.