Natural Gas Prices
Futures prices rose across the end of October, with December 2025 NYMEX futures jumping 25.4 cents. Likewise, 12-month and seasonal strips were up. Spot prices rose at most locations this report week as well.
Natural Gas Supply and Demand Fundamentals
Storage: Natural gas storage totaled 3,882 Bcf as of Friday, October 24th, 2025, a net increase of 74 Bcf from the prior week. Stocks were 29 Bcf higher than last year at this time and 171 Bcf above the five-year average of 3,711 Bcf.
Supply: Total supply remained steady throughout October. Natural gas rigs grew by four from the prior week, up to 125 rigs, an addition of 23 rigs over the same week last year.
Demand: Overall consumption also remained consistent, with power generation used for cooling trading off with res-com heating-related demand shifting due to cooler temperatures. Shipping data show that LNG remained the same month-over-month as 34 LNG vessels departed U.S. ports from October 23 to October 29, with a combined capacity of 129 Bcf.
Natural Gas Prices as of October 31st, 2025
December settled Friday, October 24th at $3.9950/Dth down 3.7 cents from Thursday’s close at $4.032/Dth but up a notable 25.4 cents from the prior week. November moved off the board Wednesday, October 29th, settling the month at $3.376/Dth.
Settled Friday, October 24th at $3.852/Dth, up 13.7 cents from the prior week.
The winter strip (NOV25-MAR26) settled Friday, October 24th at $3.858/Dth, up 21.2 cents from the prior week while the summer strip (APR26-OCT26) settled at $3.847/Dth, up 8.2 cents week-over-week.
CY26 settled Friday at $3.984/Dth, up 10.2 cents from the prior week.
CY27 settled Friday at $3.968/Dth up 2.8 cents from the prior week.
CY28 settled Friday at $3.807/Dth, up 1.4 cents from the prior week.