EIA Natural Gas Storage

EIA Natural Gas Storage

2,835 Bcf
↑ +76 Bcf on the week
↓ −49 vs last year (−1.7%)
↑ +152 vs 5yr average (+5.7%)

Analysis

The EIA reported a +76 Bcf injection for the week ending June 19, bringing total working gas to 2,835 Bcf. Storage now sits 49 Bcf (1.7%) below year ago levels while holding 152 Bcf (5.7%) above the five year average, a surplus that continues to limit upside momentum in the front month contract. Nat gas settled at $3.303 on Wednesday, trading above both the 20 day ($3.199) and 50 day ($3.004) moving averages but still below the 200 day at $3.477. RSI at 58 reflects a moderately constructive posture without being overbought. A close above the 30 day swing high of $3.396 would open the door toward a test of the 200 day moving average near $3.48, while a break below the $3.031 area at the lower boundary of the 20 day channel could shift the near term bias lower. 

The EIA’s June STEO raised its 2026 price forecast to $3.60/MMBtu from $3.50 last month, with production growth of 3.3% driven primarily by Permian associated gas keeping inventories above the five year average through the forecast horizon. June cooling degree days are running 15% below last year, weighing on seasonal demand, though the EIA projects 3Q26 cooling demand 8% above 3Q25, which could tighten the balance heading into peak injection season.