Gas storage grew by 85 billion cubic feet last week and now sits 2% above its five-year average. That's the fresh number this week: 3,500 Bcf in the ground as of October 2, up from a 64 Bcf build the week before. Henry Hub spot gas, the benchmark price, was last posted at $3.03 on October 6, and EIA has not yet published prices after that date. Here's the honest read: healthy storage is good news for winter budgets, but supplier fixed prices rose this week anyway. Here's what that means for your next contract and what I'd do.
This Week in 30 Seconds
- Storage is healthy: 3,500 Bcf as of October 2, 68 Bcf (2.0%) above the five-year average and 130 Bcf (3.6%) below last year, after an 85 Bcf build.
- Gas prices held near $3: Henry Hub was $3.03 on October 6, in a range of $2.90 to $3.21 over the past two weeks. EIA's next price update will show how the week ended.
- Supplier fixed prices rose anyway: business prices at the same term were up about 0.0¢ to 0.4¢ per kWh from last week (see the Rate Watch). Spot gas is only one input.
- Electricity is the bigger story for PJM states: EIA's October outlook expects PJM wholesale power prices to average 41% higher in 2026.
- Defaults are set for winter: Rhode Island's business default keeps climbing into January, and Maryland's October defaults are posted.
- My take: if your contract ends in the next six months, get quotes now. Healthy storage is a reason to stay calm, not a reason to wait on a default.
What This Means for You
- Businesses and nonprofits with a contract ending in the next six months: don't read healthy storage as a promise that fixed prices will fall. This week they rose a little even with gas near $3 (see the Rate Watch). The useful comparison is your current price against a real quote, not against last week's posted price.
- Anyone on a utility default price: check the Price to Compare on your next bill, then compare it with a fixed offer. Our Price to Compare by utility page has the official figures we track.
- Schools and local governments: if your board has to approve the purchase, get it on the next agenda now. Offers can expire within days, and winter is the wrong time to wait on a meeting. Here's how to set that up.
- Larger, demand-metered accounts: watch capacity costs as well as energy. In PJM, capacity prices have climbed sharply since 2024 (here's what happened), and EIA now expects PJM wholesale power to be up 41% this year.
- Households: in Ohio, the defaults are posted and fixed prices are below them. In Illinois, the winter default is lower, so there's no rush. In Rhode Island, the default is moving the other way.
One honest caveat: nobody can promise where prices go next. Storage is healthy nationally, and gas could just as easily firm back up. That uncertainty is exactly why a fixed price has value: it turns a guess into a number you can budget.
Henry Hub Natural Gas Prices
| Date | Henry Hub spot ($/MMBtu) | Change |
|---|---|---|
| Mon, Sept 21 | $2.93 | |
| Tue, Sept 22 | $2.90 | -$0.03 |
| Wed, Sept 23 | $3.06 | +$0.16 |
| Thu, Sept 24 | $3.00 | -$0.06 |
| Fri, Sept 25 | $3.21 | +$0.21 |
| Mon, Sept 28 | $3.13 | -$0.08 |
| Tue, Sept 29 | $3.18 | +$0.05 |
| Wed, Sept 30 | $3.02 | -$0.16 |
| Thu, Oct 1 | $3.00 | -$0.02 |
| Fri, Oct 2 | $2.90 | -$0.10 |
| Mon, Oct 5 | $2.96 | +$0.06 |
| Tue, Oct 6 | $3.03 | +$0.07 |
Source: EIA, Henry Hub natural gas spot price, latest data posted October 7, 2026 (through October 6). EIA's October Short-Term Energy Outlook forecasts an average of $3.48 for 2026 and $3.16 for 2027.
Natural Gas Storage
Working gas in U.S. storage was 3,500 billion cubic feet (Bcf) as of Friday, October 2, 2026, up 85 Bcf for the week. That is 68 Bcf (2.0%) above the five-year average and 130 Bcf (3.6%) below last year, according to the U.S. Energy Information Administration. This is the latest weekly report; the next one is due October 15.
| Region | Stocks (Bcf) | Weekly change |
|---|---|---|
| East | 862 | +22 |
| Midwest | 1,010 | +26 |
| Mountain | 253 | +5 |
| Pacific | 299 | +4 |
| South Central | 1,076 | +28 |
| Total | 3,500 | +85 |
Source: EIA Weekly Natural Gas Storage Report, released October 8, 2026. Regions may not sum exactly to the total because of independent rounding. The East region, where many of our Pennsylvania, Ohio, Maryland, and New England customers sit, was 862 Bcf, 3.7% above its five-year average.
What EIA expects for winter: its October outlook says homes that heat with natural gas are expected to spend less than last winter, while electrically heated homes are expected to spend slightly more. It assumes temperatures similar to last winter and the 10-year average. Heating-oil homes, mostly in the Northeast, face prices more than 30% higher. And for wholesale electricity, EIA expects the 2026 U.S. average to be $52 per MWh, 11% above 2025, with PJM up 41%. If your supply contract rides the market, that's the number to watch.
Source: EIA Short-Term Energy Outlook, released October 6, 2026. Next release: November 10.
Default Prices to Know
- Rhode Island (up): the commercial variable price climbs month by month, as approved by the Rhode Island Public Utilities Commission:
| Month | Commercial variable price (per kWh) |
|---|---|
| October | 13.896¢ |
| November | 14.702¢ |
| December | 17.502¢ |
| January | 19.654¢ |
Source: Rhode Island Energy's Last Resort Service tariff (effective October 1, 2026; approved by the Rhode Island Public Utilities Commission on September 24, 2026).
- Maryland homes: October default supply prices (supply plus transmission) as published by the Maryland Office of People's Counsel and the Potomac Edison tariff. See our Maryland guide.
| Utility | Home default price (per kWh) |
|---|---|
| BGE | 15.284¢ |
| Pepco | 14.782¢ |
| Delmarva Power | 13.162¢ |
| Potomac Edison | 10.605¢ |
| SMECO | 11.607¢ |
Source: Maryland Office of People's Counsel, October 2026 figures; The Potomac Edison Company Maryland tariff, Schedule R. Checked October 11, 2026.
- Ohio homes: the October default prices are posted by the Public Utilities Commission of Ohio. The next change is January 1, 2027. See our Ohio guide.
- Illinois (lower for winter): Ameren Illinois's residential Price to Compare is 10.441¢ per kWh for the first 800 kWh through May 31, 2027, and ComEd's is 10.103¢ (Plug In Illinois). 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, including the one market where the default is the better deal right now.
- 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.
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FAQ
Why did fixed prices rise if gas storage is healthy?
Supplier fixed prices reflect more than daily spot gas: forward power and gas markets, supplier costs, and demand all matter. Storage being above average is helpful context, not a promise that prices will fall.
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.
Why does EIA expect PJM power prices to rise?
EIA's October 2026 outlook says the 2026 average wholesale price in PJM is expected to be 41% higher than in 2025, driven largely by extreme weather earlier in the year, including a winter storm and a hot summer.
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.