JPM-Natural Gas Weekly Storage Estimate For week ended July 18,2025：27 Bcf-20250722

Reference week

•We estimate gas in power burns were ~2.9 Bcf/day higher week over week. PerEIA 930 data, wind generation picked up ~0.9 bcfe/d on a week-over-weekbasis while coal generation increased modestly above the range in the prior tworeference weeks.

•We have built a 0.5 bcf/d week-over-week increase in production into oursupply-demand model based on pipeline flows.

•Our regional flow model indicates a 31 Bcf build, though our final estimateremains our supply-demand model’s forecast 27 Bcf injection (Tables 1 & 2).

Week in progress

•The substantial week-on-week loosening for the week in progress is driven byincreased daily production readings and lower gas power burns (Table 3).Production is on track to register another ~0.5 Bcf/d gain week over week. Onthe demand side, our models are forecasting a week-over-week drop in gas inpower on the order of ~3.3 Bcf/d. That drop is driven in part by what appearsto be a significant pickup in wind generation based on EIA 930 data.

•These current storage estimates peg our end-July inventory estimate at 3.17 Tcfassuming no other changes to fundamentals.