US natural gas storage: spring inventories surge

The earliest start to the spring injection season on record this year has transitioned to a record storage refill rate through June 1, with five consecutive 100+ Bcf injections and more expected into June.

At a cumulative build of nearly 900 Bcf through May, including the projected injection during the Memorial Day holiday week, storage increases are over 40 percent above the 5-year average and are slightly outperforming the rapid 2019 pace season to date.

Key data points: US cumulative injections through 30 May (Bcf)

Current season: ~890 Bcf

5-year average: ~630 Bcf

Last Year: ~620 Bcf

Comparison: Storage injections are tracking approximately 41 percent higher than the 5-year average and modestly ahead of the previous record spring pace from 2019.

Our take

If current projections hold, this year should match 2014’s record of seven straight triple-digit storage injections before rising summer temperatures begin to reduce weekly builds later in June.

Looking further ahead, 2025’s cumulative storage increases are likely to fall short of the major injection years of 2014 and 2019. Both years followed winters with deeper storage depletion that required more aggressive refilling.

Still, the strong injection pace this spring has helped to ease market pressures, with total inventories climbing above the 5-year average and narrowing the year-over-year storage deficit substantially. These gains provide a more stable foundation before cooling demand begins to ramp up and tamp down injections this summer.

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