Natural Gas Storage: +53 Bcf

Reported build comes in light compared to consensus expectations.

The U.S. Energy Information Administration reported a weekly injection of 53 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending July 4, 2025 (Link).  Total inventories now stand at 3,006 Bcf, 184 Bcf (5.8%) below year-ago levels and 173 Bcf (6.1%) above the 2020-2024 average for the same week. 

Today’s storage report showed a build of 53 Bcf into underground inventories for the week ended July 4. This marks the first build since the early April to lag the year-ago benchmark. Inventories grew by 61 Bcf during the corresponding week in 2024, so the deficit to last year grew by 8 Bcf to 184 Bcf. Meanwhile, the injection was exactly in line with the five-year average, holding the surplus to that benchmark steady at 173 Bcf. Notably, inventories crossed the 3-Tcf threshold during the report week. This is the fifth earliest that storage levels have crossed that benchmark behind 2024, 2020, 2016, and 2012 — all years where storage eventually surpassed 3.9 Tcf.