Overview
Natural gas storage totaled 2,018 Bcf as of Friday, February 20th, 2026, a net decrease of 52 Bcf from the prior week. Stocks were 141 Bcf higher than last year at this time and 7 Bcf below the five-year average of 2,025 Bcf.
Natural Gas News
The average rate of storage withdrawals is 10% higher than the five-year average so far this heating season. If the rate of withdrawals matches the five-year average of 5.3 Bcf/d for the remainder of the season, inventory will total 1,811 Bcf on March 31, just 7 Bcf lower than the five-year average of 1,818 Bcf.
Withdrawals abated from January to February. After a record draw of 360 Bcf for week ending January 30th, weekly withdrawals dropped significantly - 249 Bcf (February 6th) and 144 Bcf (February 13th). This season’s total withdrawal of 1.8 Tcf ranks as the second largest since 2010.
Henry Hub spot prices followed a similar trajectory, from record-high prices in late January to the largest one-day decline in 30 years when March prompt-month trading opened according to Bloomberg L.P,.
As February weather forecasts moderated for much of the country, even a late-season, most unwelcome cold snap is unlikely to move prices much.
Natural Gas Prices as of February 25th, 2026
Anticipated higher crude oil prices are expected to drive oil production growth, resulting in increased associated natural gas production. The EIA forecasts natural gas production will average 121 Bcf/d this year, an increase of 2% from 2025. Production is anticipated to grow another 3% in 2027 to 124 Bcf/d. Mild temperatures in February meant more natural gas in storage at the close of winter season than earlier EIA forecasts. This, combined with increased associated natural gas levels, led the EIA to drop price forecasts by 12% for 2027 with Henry Hub spot prices averaging roughly $3.90/Dth in 2027.
Natural Gas Futures Market
April settled Wednesday, February 25th at $2.868/Dth up 3.7 cents from Tuesday’s close at $2.831/Dth but down 6.5 cents from the prior week. March moved off the board Wednesday, February 25th, settling the month at $2.969/Dth.
Settled Wednesday, February 25th at $3.533/Dth, down 3.9 cents from the prior week.
The summer strip (APR26-OCT26) settled Wednesday, February 25th at $3.209/Dth, down 4.2 cents week-over-week, while the winter forwards settled at $4.087/Dth, down 2.0 cents from the prior week.
CY26 settled Wednesday at $3.350/Dth, down 4.0 cents from the prior week.
CY27 settled Wednesday at $3.711/Dth up 4.8 cents from the prior week.
CY28 settled Wednesday at $3.663/Dth, up 3.9 cents from the prior week.
Crude settled Wednesday at $65.42/b, up 37 cents from the prior week.