U.S. Natural Gas Storage Rises 67 Bcf to 3,567 Bcf, EIA Reports

Underground working gas inventories in the Lower 48 climbed by 67 Bcf in the week ended Oct. 9, leaving stocks above the five-year average but still below year-ago levels.

Eric Baker
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U.S. working natural gas in underground storage rose by 67 billion cubic feet in the week ended Oct. 9, according to the Energy Information Administration, lifting inventories to 3,567 Bcf as the market moved deeper into the final stretch of the autumn injection season.

The weekly increase kept total stocks within the five-year historical range and still above the seasonal average, even though it was smaller than the prior week’s 85 Bcf build. Inventories remained 143 Bcf below the same week a year earlier, but they were 45 Bcf above the five-year average of 3,522 Bcf, underscoring that supplies are still relatively comfortable heading toward the winter heating season.

Weekly build slows from prior week’s pace

In its Weekly Natural Gas Storage Report, EIA said working gas stocks in the Lower 48 states stood at 3,567 Bcf on Friday, Oct. 9. That compared with 3,500 Bcf a week earlier, producing a net injection of 67 Bcf. The agency said total working gas remained within the five-year historical range.

Although the headline number pointed to another solid injection, the pace slowed from the 85 Bcf build EIA had reported a week earlier for the period ended Oct. 2. That matters because the market is now close to the point in the calendar when injections usually begin to taper off before winter withdrawals start. A smaller weekly build does not by itself signal tightening conditions, but it does show inventories are no longer rising as quickly as they were at the start of October.

On a historical basis, the stock position still looks fairly healthy. The current total is 3.9% below the year-earlier level of 3,710 Bcf, yet 1.3% above the five-year average. That combination, below last year but above normal, helps explain why the storage report is not obviously bullish or bearish on its face. It signals a market with adequate supply cushions, but not a surplus so large that weekly injections have become irrelevant.

Regional data showed broad gains, with one notable draw

The regional breakdown showed that four of the five major storage areas posted weekly gains. The Midwest recorded the largest increase at 27 Bcf, followed by the East at 22 Bcf and the South Central region at 21 Bcf. The Mountain region added 2 Bcf.

The Pacific region was the exception, posting a 5 Bcf decline from the previous week. Even so, Pacific stocks remained above their five-year average, while the East and Midwest also stayed modestly ahead of seasonal norms. South Central inventories, by contrast, remained below the five-year average and were also well below year-earlier levels, reflecting a looser cushion in an important storage region heading toward peak winter demand.

Within South Central, salt facilities rose by 9 Bcf and nonsalt facilities increased by 12 Bcf. The split matters because salt storage can usually be cycled more quickly, making it especially useful during short-term demand swings. Even after the weekly increase, South Central salt stocks were still 21.9% below the same week last year and 15.4% below the five-year average, a reminder that not every regional balance is as comfortable as the national headline figure suggests.

Supplies still look comfortable heading toward winter

The latest storage level fits with EIA’s broader view that the United States is entering the end of the injection season with inventories near or slightly above normal. In its latest Short-Term Energy Outlook, released Oct. 6, EIA estimated U.S. natural gas inventories totaled 3,523 Bcf at the end of September and forecast stocks would rise to 3,850 Bcf by the end of October, about 2% above the five-year average at the start of the heating season.

That forecast helps place the weekly storage report in context. The Oct. 9 stock total is slightly above EIA’s end-September estimate, which is exactly what would be expected after another week of injections. More important for the market, the agency’s outlook suggests storage levels should enter November with a modest supply cushion rather than an unusually tight setup.

A relatively comfortable starting point does not remove all winter risk. Natural gas balances can change quickly if colder-than-normal weather arrives early, LNG export demand stays strong, or production growth slows. But for now, the official storage data still point to a market with enough gas in the ground to begin the heating season in better shape than the year-over-year deficit alone might imply.

Production growth has helped refill inventories

One reason inventories have been able to rebuild this year is steady growth in U.S. gas production. Earlier this month, EIA said U.S. natural gas production reached a record high in July 2026, with gross withdrawals hitting 137 Bcf per day. The agency said the increase was driven primarily by higher output from new wells in Texas and New Mexico, especially in the Permian Basin.

That production backdrop helps explain why storage remains above the five-year average even though stocks are below last year’s level. Stronger supply has supported larger injections over the course of the refill season, helping offset weather swings and ongoing demand from power generation, industrial users and export channels.

For traders and other market participants, the next question is whether upcoming weekly reports continue to add gas at a pace consistent with EIA’s end-October forecast. The next storage release is scheduled for Oct. 22 and will cover the week ended Oct. 16, offering another read on how quickly inventories are building as the market approaches the seasonal handoff from injections to withdrawals.

Eric Baker

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Eric Baker

Trading and Quantitative Markets Contributor

Eric Baker writes about trading, probability and risk. Drawing on more than two decades of experience in personal and proprietary trading, he explains position sizing, expected return, downside exposure and the difference between a sound decision and a favourable outcome.

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