March 12 Storage Report: Key Numbers
The EIA’s Weekly Natural Gas Storage Report for the week ending March 6, 2026 shows:
- Net withdrawal: 38 Bcf (vs. 52 Bcf draw the prior week and 144 Bcf draw in late February)
- Total working gas: 1,848 Bcf in the Lower 48
- vs. Year-ago: +141 Bcf (1,707 Bcf in March 2025)
- vs. 5-year average: −17 Bcf (5-year avg: 1,865 Bcf)
The deficit to the 5-year average has narrowed significantly from the 123 Bcf gap seen in late February. However, storage remains below the historical benchmark, which keeps a floor under forward gas prices heading into injection season.
Henry Hub Price Stabilization After Winter Chaos
After the extraordinary January–February volatility—where Henry Hub surged to $7.72/MMBtu during the polar vortex before collapsing 63% to $2.83—spot prices have settled into a $2.89–$3.30/MMBtu range since mid-February. The March 13 close of $3.13 sits:
- 18% below the EIA’s revised STEO forecast of $3.80/MMBtu for 2026
- 38% above the February 26 trough of $2.83
- In line with pre-winter fundamentals, suggesting the crisis premium has fully unwound
What This Means for Commercial Buyers
- Gas buyers: Current spot prices near $3.13 represent a favorable procurement window relative to the EIA’s $3.80 annual forecast. Commercial buyers with April–September summer strip exposure should evaluate locking in fixed rates now.
- Electricity buyers in gas-dependent markets: With natural gas setting the marginal clearing price in PJM, NYISO, ISO-NE, and CAISO evening hours, the current price stabilization should translate to more predictable wholesale electricity costs in Q2 2026 — a relief after winter’s $315–$660/MWh spikes in New England.
- Storage watchers: The next EIA report (March 19) covers the week ending March 14. If March draws continue narrowing, the deficit to the 5-year average could flip to a surplus by early April — bearish for summer gas prices.
Regional Storage Breakdown
- East: 341 Bcf (tight, reflecting winter pipeline constraints in New England)
- Midwest: 390 Bcf (benefiting from MISO’s increased wind generation displacing gas)
- South Central: 590 Bcf (largest region, anchored by Gulf Coast production)
- Mountain + Pacific: 527 Bcf combined (well-positioned for CAISO spring demand)
Source: U.S. Energy Information Administration, Weekly Natural Gas Storage Report (March 12, 2026); CME Group Henry Hub Settlements; Natural Gas Intelligence.