Natural Gas Storage: +33 Bcf

The traditional injection season ends with inventories falling back below year-ago levels.

The U.S. Energy Information Administration reported a weekly injection of 33 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending October 31, 2025 (Link).  Total inventories now stand at 3,915 Bcf, 6 Bcf (0.2%) below year-ago levels and 162 Bcf (4.3%) above the 2020-2024 average for the same week. 

Today’s storage report marked the end of the traditional injection season, although this will very likely not be the final net build of the year. The 33-Bcf increase reported for the final week of October brought inventories above 3.9 Tcf, but the build came up well short of the same week in 2024, which saw an injection of 68 Bcf. This 35-Bcf swing relative to year-ago levels brought working storage levels back to a very slight 6-Bcf deficit to last year. The build also reduced the surplus to the five-year average by 10 Bcf.