SEATTLE (Oil Monster): According to the latest update from the U.S. Energy Information Administration (EIA), natural gas storage across the Lower 48 states is entering the 2025–26 heating season at roughly the same level as the previous year. Inventories as of October 31 are approximately 4% above the five-year (2020–24) average.
At the end of March 2025 (the close of the withdrawal season), working gas in storage stood at about 1,811 billion cubic feet (Bcf). This was 21% below the March 2024 level and 2% below the five-year average for March.
During the April 1–October 31 injection season, operators injected a total of 2,105 Bcf — some 11% higher than the five-year average. Weekly injections ranged from a low of 7 Bcf in early August to a high of 122 Bcf in late May.
At the beginning of winter, storage was about 92% full across the Lower 48. Regional inventories were at least 86% of capacity, with the Mountain region 20% above its five-year average and the Pacific region 12% above.
The EIA’s November 2025 Short-Term Energy Outlook anticipates that withdrawals during the 2025–26 heating season will exceed 1,900 Bcf.
Entering the season with inventories that match or slightly exceed last year’s level provides a stronger safety buffer for the market. Higher injection rates and elevated storage help mitigate risks from colder -than-normal weather or unexpected demand spikes. On the flip side, a withdrawal estimate of ~1,900 Bcf means the draw-down could tighten toward spring if demand is strong or production falters.
With inventories in good shape, the U.S. market starts winter 2025–26 from a position of relative stability. That said, actual winter temperatures, supply disruptions, and export flows will determine whether the cushion holds through the season.
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