JPM-Natural Gas Weekly Storage Estimate For the week ended September 12,2025：87 Bcf-20250916

Reference week

•The reference week’s increase in injection activity is driven by anapproximately 3 Bcf/day decline in power burn compared to the previousweek. Small declines in LNG feedgas and Mexican net trade amounted to about0.4 Bcf/day on a week-over-week basis. These combined declines more thanoffset the normalization of industrial loads following the Labor Day holiday.We estimate the supply side of the balance to be flat week over week, withmoderate net changes in Canadian trade offsetting minor declines inproduction.

•From a flow perspective, we note a substantial increase in observable saltstorage sample injections, reaching levels last seen in May. This activity isexpected to support this week’s projected injection.

•Our regional flow model indicates a tighter 84 Bcf injection into inventories;however, our final estimate remains aligned with our supply-demand model’sforecast of an 87 Bcf injection (Tables 1 & 2).

Week in progress

•Power burns are anticipated to average just above 40 Bcf/day for the week,about 1 Bcf/day higher than the reference week, which will trim the projectedweek-over-week injection rate. LNG feedgas demand appears on track for anapproximate 0.2 Bcf/day week-over-week gain. These demand-side increasesmore than offset an estimated 0.5-0.6 Bcf/day week-over-week decrease in netMexican pipeline trade.

•Our weekly balances point to an end-September carryout of 3.65 Tcf.