Natural Gas Storage: +61 Bcf
Stocks grow by more than expected during major heat wave.
The U.S. Energy Information Administration reported a weekly injection of 61 billion cubic feet (Bcf) into Lower 48 natural gas storage inventories for the week ending July 3, 2026 (Link). Total inventories now stand at 2,983 Bcf, 15 Bcf (0.5%) below year-ago levels and 185 Bcf (6.6%) above the 2021-2025 average for the same week.
This morning’s storage report showed an unexpectedly large build into underground inventories. The reported 61-Bcf injection came in stronger than consensus expectations while also outpacing historical benchmarks for the same week. This marked the second consecutive build to exceed the same week in 2025, following a streak of nine straight weeks of lagging that benchmark. The deficit to last year has narrowed to just 15 Bcf, while the surplus to the five-year average expanded to 185 Bcf, its highest level since September 2025.
