Natural Gas Storage: +88 Bcf

Storage injection surprises to the upside keeping downward pressure on prices.

The U.S. Energy Information Administration reported a weekly injection of 88 Billion Cubic Feet (Bcf) in Lower 48 natural gas storage inventories for the week ending April 18, 2025 (Link).  Total inventories now stand at 1,934 Bcf, 478 Bcf (19.8%) below year-ago levels and 44 Bcf (2.2%) below the 2020-2024 average for the same week. 

Storage injections ramped up in a dramatic fashion last week, with the EIA’s report showing an 88-Bcf injection following the previous week’s paltry 16-Bcf build. The build was much stronger than the 58-Bcf injection in the five-year average and modestly above the 86 Bcf added during the same week in 2024. After expanding during the previous week, the deficit to each benchmark was narrowed during the week ended April 18.