US Natural Gas Stockpile Sees Biggest Jump in 2 Years: EIA

The agency expects natural gas prices to move higher this year as more gas was withdrawn from storage this winter.

Pump jacks used for gas and oil extraction are seen over the Monterey Shale formation in Lost Hills, Calif., on March 24, 2014. David McNew/Getty Images

Natural gas stocks in storage in the United States rose by 107 billion cubic feet (Bcf) for the week ending April 25, according to a May 1 update from the Energy Information Administration (EIA).

This is the highest weekly gas stockpile addition in nearly two years. A buildup in gas inventories can happen due to several factors such as an increase in production or a decline in demand.

In a May 2 post, ING Bank attributed the “bigger-than-average increase” in the recent week’s gas stocks mostly to “mild spring weather curbing demand.”

The high stockpile addition comes as an April 17 report from the EIA had said that natural gas production remained flat in 2024.

This could change over the next four years as the Trump administration has taken several measures to boost natural gas production in the United States.

On Feb. 14, President Donald Trump issued an executive order formally establishing the National Energy Dominance Council, which will steer the country’s energy policy.

The council “will advise President Trump on strategies to achieve energy dominance by improving the processes for permitting, production, generation, distribution, regulation, and transportation across all forms of American energy,” according to a White House fact sheet.

The first mission of the council is to devise a strategy that cuts federal regulation, advances innovation, and boosts investments from the private sector.

A month later, on March 19, Trump met with domestic oil and gas executives to discuss challenges to the president’s pledge to boost the country’s energy sector. Discussions focused on topics such as tax credits, permit reforms, and tariffs.

The executives “are eager to unleash American energy after four years of Biden’s radical climate regulations,” said White House spokesperson Taylor Rogers, adding that the president reaffirmed his commitment to restoring America’s energy dominance.

The Trump administration policies have revived prospects of setting up an LNG export terminal in Philadelphia.

At present, there are eight operational LNG export terminals in the country, all of which are in Louisiana or Texas.

Meanwhile, gasoline prices under the Trump administration are down year over year. As of Friday, the national average price of regular gasoline was $3.18 per gallon, down by more than 13 percent from $3.67 a year back, according to data from the American Automobile Association.

Promoting Natural Gas Development

In an April 29 statement, Secretary of Energy Chris Wright highlighted the Trump administration’s achievements in the energy sector during the first 100 days of the administration.

To boost the natural gas sector, the administration instituted several measures, including a reversal in a Biden-era pause on LNG exports, discussions to advance the Alaska Gas Pipeline and Alaska LNG Project, removal of regulatory barriers to the use of LNG as marine fuel, and removal of regulatory barriers thwarting LNG export extensions.

“Following President Trump’s reversal of the reckless Biden LNG export ban, the Department of Energy, in just 100 days, has approved record levels of future U.S. LNG, adding almost as much incremental capacity as the world’s second and third largest LNG nations are exporting today,” Wright said.

Natural gas prices have been rising this week after an April 28 EIA analysis revealed that the country’s gas inventories in underground storage had ended the recent winter season at a three-year low.

In January and February, much of the United States experienced “colder-than-normal temperatures,” due to which more natural gas was used by consumers and more withdrawals were made from the country’s natural gas storage.

“By the end of March, the least amount of natural gas was held in U.S. underground storage in the Lower 48 states since 2022, with inventories 4% lower than the previous five-year average for that time of year,” the report said.

Lower 48 refers to the contiguous United States, excluding the states of Alaska and Hawaii.

For 2025, EIA is expecting U.S. natural gas demand to grow by 4 percent, which includes a 9 percent increase in residential and commercial consumption for heating purposes, according to an April 10 Energy Outlook report from the agency.

Since more stocks were drawn out from storage than average this winter season, EIA is expecting “higher natural gas prices this year.”