The U.S. is heading into winter with the highest level of natural gas in storage since 2016 — a shift that could help prevent spikes in heating and energy costs for consumers.
The U.S. Energy Information Administration estimates there were 3,922 billion cubic feet of natural gas in storage for the Lower 48 states as of a November update, with inventories about 6 percent higher than the five-year average.
The nation’s natural gas stockpiles have been abnormally full for months. Natural gas inventories at the end of March were 40 percent above a five-year average for that time of year, according to EIA, and 25 percent more than the same period in 2023. The effects are evident in U.S. natural gas prices, which have remained relatively low amid gas exports to other countries and inflation in the broader economy.
“The big issue that happened was last winter,” said Jacques Rousseau, a managing director at ClearView Energy Partners. “Last winter was warm, and that led to a large building of gas storage in the U.S.”
