U.S. natural gas inventories in underground storage concluded the winter heating season at the lowest level seen in three years. This outcome followed a warm beginning to the 2024–25 winter, but colder-than-normal temperatures across significant portions of the United States in January and February led to increased natural gas consumption and more significant withdrawals from storage than usual. By March’s end, inventories in the Lower 48 states were at a level 4% lower than the average for the past five years, according to the Weekly Natural Gas Storage Report. The colder weather in January and February prompted a surge in natural gas demand across residential, commercial, and electric power sectors.
Average consumption in these sectors hit 97 billion cubic feet per day (Bcf/d), marking a 16% increase compared to the same months in 2024. A notable cold snap during the latter half of January resulted in a remarkable withdrawal of 321 Bcf from storage, documented as the fourth-largest weekly withdrawal. The total gas withdrawals for January and February reached approximately 1,650 Bcf, representing a 33% increase over the five-year average for that period. While the Mountain and Pacific regions maintained working natural gas inventories above their five-year averages by 53% and 18%, respectively, other areas fell short.
At the beginning of the heating season in November, all regions in the Lower 48 states had inventories exceeding seasonal averages. However, as winter progressed, the East and Midwest regions dipped below average by late December, with the South Central region following suit by January’s end. In March, warmer-than-average temperatures led to net natural gas injections into storage, indicating an earlier-than-usual start to the injection season. By March 31, 2025, working natural gas stored in underground facilities reached a total of 1,786 Bcf.