Natural Gas Storage: +75 Bcf

Inventories move to a surplus to 2024, completing a dramatic turnaround since spring.

The U.S. Energy Information Administration reported a weekly injection of 75Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending September 19, 2025 (Link).  Total inventories now stand at 3,508 Bcf, 22 Bcf (0.6%) above year-ago levels and 203 Bcf (6.1%) above the 2020-2024 average for the same week. 

Natural gas storage inventories are now officially at a surplus to year-ago following today’s reported 75 Bcf build. The injection far outpaced the same week in 2024, which saw stocks increase by just 49 Bcf. From a maximum deficit of 628 Bcf in March, inventories now sit 22 Bcf ahead of year-ago levels, at a surplus to that benchmark for the first time since December. Since the beginning of the injection season, inventories have grown at a rate of about 3 Bcf per day faster than 2024, which can be attributed to stronger production and weaker demand from the power generation sector this summer compared to last. While eclipsing the 2024 build, today’s injection landed virtually in line with the five-year average for the same week, which saw an addition of 76 Bcf. As a result, the surplus to the five-year average narrowed marginally to 203 Bcf.