Natural Gas Storage: +48 Bcf

Larger-than-expected injection outpaces historical benchmarks.

The U.S. Energy Information Administration reported a weekly injection of 48 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending July 25, 2025 (Link).  Total inventories now stand at 3,123 Bcf, 123 Bcf (3.8%) below year-ago levels and 195 Bcf (6.7%) above the 2020-2024 average for the same week. 

Last week’s storage build came in ahead of consensus market expectations and greatly outpaced the injection for the same week last year as well as the five-year average. The 48-Bcf injection is the largest in 3 weeks and came during a stretch where temperature patterns were mixed across the country. The data likely didn’t capture the impact of the hot weather that began settling in over key population centers late in the report week and instead reflects a looser balance with inventories posting growth across all regions of the country. The deficit to last year continues to shrink, as the reported build outpaced the corresponding week in 2024 by 30 Bcf.