JPM-Natural Gas Weekly Storage Estimate For week ended July 25,2025 ：46 Bcf-20250729

Reference week

•An estimated ~0.6 Bcf/day week-over-week gain in production, against thebackdrop of weaker gas in power burns and lower LNG feedgas, is driving thesubstantially looser forecast injection compared to last week’s 23 Bcf injection.Solar and wind generation took an estimated 2.9 Bcfe/day share from gas,while coal power generation remained flat week-over-week.

•Our regional flow model indicates a tighter 41 Bcf injection into inventories,though our final estimate remains our supply-demand model’s forecast 46 Bcfinjection (Tables 1 & 2).

Week in progress

•Our models forecast nearly 50 Bcf/day in gas burns in the power sector. Giventhe strength in forecast power burns for the balance of the week, there remainsa large weather-dependent component to the forecast. We note that EIA-930data is showing stronger week-on-week coal generation through July 28. Thebuild for the week ending August 1 is likely to be the smallest remaininginjection for the peak cooling season, as our modeling anticipates a step-up ininjections for the remaining weeks in August (Table 3). These current storageestimates peg our end-July inventory estimate at 3.15 Tcf.