JPM-Natural Gas Weekly Storage Estimate For the week ended August 29,2025：51 Bcf-20250902

Reference week

•Estimated gas power burn is down nearly 5 Bcf/day week-over-week, drivingthe substantial uptick in injection activity compared to last Thursday’s report.According to EIA 930 data, wind, solar, and coal generation were all downweek-over-week. Wind and solar generation decreased by a combined ~14 %week-over-week. Coal-fired electric power generation decreased substantially—just over 22% per EIA 930 data—but remains in line with levels seen in Mayand June. An estimated 0.5-0.6 Bcf/day week-over-week increase inproduction also contributes to the week-over-week loosening in balances.

•Our regional flow model indicates a looser 58 Bcf injection into inventories;however, our final estimate remains aligned with our supply-demand model’sforecast of a 51 Bcf injection (Tables 1 & 2).

Week in progress

•The build for the week in progress is expected to be the first of more decidedlyshoulder season injections, according to our models. The estimated weeklypower burn, just above 41 Bcf/day, is the primary driver for the forecastedinjection. Additionally, LNG feedgas demand appears to be trending down byapproximately 0.5 Bcf/day week-over-week. We have incorporated anestimated 1.0 Bcf/day holiday impact into our industrial demand estimates dueto the Labor Day holiday.