Winter is about three months away, and the natural gas market walked into fall in decent shape. That matters to your electric bill too, because natural gas sets the price of much of the electricity in PJM and New England. Here's where things stand, what it means for your next contract, and what I'd do this week.
This Week in 30 Seconds
- Storage is healthy: U.S. natural gas inventories reached 3,351 Bcf as of September 18, 2.9% above the five-year average, though 4.2% below last year.
- Prices are calm: Henry Hub spot gas held between $2.90 and $3.00 per MMBtu from September 15 to 22.
- October 1 is a reset day for default electricity prices at several utilities, including a proposed 54% jump in Rhode Island.
- My take: a calm market ahead of winter is a good time to look at locking a fixed price.
What This Means for You
- Businesses and nonprofits with a contract ending in the next six months: suppliers will quote a contract that starts when your current one ends, so today's calm market is the one your next price can reflect. Waiting for winter means shopping when cold weather can move prices against you.
- Anyone on a utility default price: your price is about to change on October 1 in several markets. A fixed supplier price replaces that uncertainty with a number you can budget.
- Schools and local governments: if your board needs to approve the purchase, start now. Offers can expire within days, and winter is not the time to be waiting on a meeting. Here's how to set that up.
- Larger, demand-metered accounts: watch capacity costs as well as energy. In PJM, capacity prices have climbed sharply since 2024 (here's what happened).
One honest caveat: healthy storage lowers the risk of a winter spike, but it doesn't eliminate it. Nobody can promise where prices go, which is exactly why a fixed price has value.
Natural Gas Storage
Working gas in U.S. storage was 3,351 billion cubic feet (Bcf) as of Friday, September 18, 2026, after a net injection of 53 Bcf for the week, according to the U.S. Energy Information Administration.
| Region | Stocks (Bcf) | Weekly change | vs 5-year average |
|---|---|---|---|
| East | 815 | +20 | +5.2% |
| Midwest | 959 | +25 | +3.5% |
| Mountain | 244 | +3 | +7.0% |
| Pacific | 292 | +3 | +9.8% |
| South Central | 1,041 | +2 | -1.7% |
| Total | 3,351 | +53 | +2.9% |
Source: EIA Weekly Natural Gas Storage Report, released September 24, 2026. Next release: October 1.
Why it matters: the East and Midwest, which feed most of our markets, are both above their five-year averages heading into the heating season. The South Central region is slightly below average, and its salt-cavern storage, which responds fastest to weather, is 12.5% below.
Henry Hub Natural Gas Prices
| Date | Henry Hub spot ($/MMBtu) | Change |
|---|---|---|
| Tue, Sept 15 | $2.97 | |
| Wed, Sept 16 | $3.00 | +$0.03 |
| Thu, Sept 17 | $2.90 | -$0.10 |
| Fri, Sept 18 | $2.97 | +$0.07 |
| Mon, Sept 21 | $2.93 | -$0.04 |
| Tue, Sept 22 | $2.90 | -$0.03 |
Source: EIA, Henry Hub natural gas spot price, released September 23, 2026.
October 1: Default Prices Reset
- Rhode Island: Rhode Island Energy's residential Last Resort Service is proposed to rise from 11.092¢ to 17.029¢ per kWh, and the commercial fixed price from 10.485¢ to 16.581¢, pending final approval. See our Rhode Island guide.
- Ohio: default prices at AEP Ohio, Ohio Edison, The Illuminating Company, and Toledo Edison were set through September 30, and Duke Energy Ohio's changes monthly. See our Ohio guide.
- Illinois: ComEd's and Ameren Illinois's summer Price to Compare ran through September 30. See our Illinois guide.
What I'd Do This Week
- Find your contract end date. If it's within six months, start shopping now. Our free Energy Contract Checkup takes 10 minutes.
- Compare your price with this week's Rate Watch, where fixed prices beat the default in every market we track.
- Get a real quote. Posted prices are a starting point; quotes for your actual account are often lower.
We do the shopping for free. The supplier you choose pays us, and if nothing beats what you pay now, we'll tell you. Click below to start, or send a photo of your bill.
Or skip the form: send us a photo of your bill.
FAQ
Why does natural gas storage matter for my electric bill?
Natural gas fuels much of the electricity in PJM and New England. When storage is healthy going into winter, the market has a cushion against cold snaps, which helps keep both gas and electricity prices steadier.
Should I lock a fixed price now?
If your contract ends within six months or you're on a utility default price, it's worth getting quotes now. Prices can move either way, so compare real offers for your account before deciding.
What is Henry Hub?
Henry Hub, in Louisiana, is the benchmark price point for U.S. natural gas. Regional prices, especially in the Northeast in winter, can trade well above it.
How often is this update published?
Weekly. Each update uses the latest public data from the U.S. Energy Information Administration and the utility commissions in our markets.