Market Update: NYMEX Henry Hub October futures rallied 27 cents on September 24 to settle at $3.30/MMBtu, the first prompt-month close above $3 since July 10, after EIA data showed the storage surplus shrinking to its lowest level since April. The Platts national average cash price settled at $2.420/MMBtu for September 25 flows.

Cooler weather and Cove Point LNG maintenance loosened the market by about 800 MMcf/d this week, but the longer-term outlook remains supportive, with the DOE calling natural gas the most important fuel for meeting rising power demand from AI and manufacturing.

Storage Report: The EIA reported a 53 Bcf injection for the week ended September 18, in line with expectations but well below the five-year average. Total working gas stands at 3.351 Tcf, 2.9% above the five-year average, the smallest surplus since April, and 4.2% below year-ago levels. Another below-average build of about 57 Bcf is projected for the week ending September 25.

Weather: NOAA’s 6–10 day outlook (valid September 30–October 4) shows above-normal temperatures from the Mississippi Valley to the East Coast and across the Southwest, with near-normal readings in the Northwest and Plains. The warmth is mild compared to summer, so demand support should be modest heading into shoulder season.