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- Natural Gas Update October 10,2025
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October 10, 2025
Overview
Natural Gas--NG is down 9.3 cents at $3.176
NG prices are lower again today as the greater than forecast EIA gas storage number seen yesterday and seasonally weak weather demand still weigh.
The EIA gas storage number released Thursday showed a build of 80 BCF. This was 3 to 5 BCF more than news wire surveys forecast. Greater wind generation was cited by one analyst as being the cause for the larger build. Total storage rose to 3.641 TCF. This is +23 BCF/+0.64% versus last year's level and +157 BCF/+4.51 % versus the 5 year average for the period. Celsius Energy has the next 4 weeks storage reports adding a further 269 BCF, thus taking inventories for EOS to 3.910 TCF. The EIA this week in their STEO forecast end of October EOS storage to reach 3.978 TCF.
Mid-October weather trended milder in Thursday's forecast. Forecaster Atmospheric G2 said Wednesday that forecasts shifted cooler for the eastern two-thirds of the US for October 13-17, but temperatures trended warmer in the southern and eastern US for October 18-22.
ANZ analysts noted that “European prices have eased as strong LNG inflows and mild early-October temperatures reduce urgency in winter procurement.” ANZ adds that the imminent startup of the Golden Pass LNG export facility in the U.S. has weighed on TTF prices as this "heralds a wave of supply that threatens to push the market into surplus next year." (investing.com) With North Asian demand subdued—Japan’s inventories are at 92% of capacity—cargo competition remains muted between Asia and Europe, thus keeping global LNG spot prices below $10.50/MMBtu. Today's TTF price of 31.890 Euro/Mwh equates to $10.81/MMBtu. There is still a gap below on the TTF DC chart down to Euro 31.715.
Technically momentum for NG futures remains negative basis the DC chart with support at the 3.24 area having been broken. Next support is seen at 3.149-3.152. Resistance comes in above at 3.293-3.299.
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Disclaimer
This article and its contents are provided for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any commodity, futures contract, option contract, or other transaction. Although any statements of fact have been obtained from and are based on sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed.
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