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California Natural Gas Prices Hit Record Lows Amid Storage Surge

6/2/2026

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Summary

California Gas Lows

Natural-gas spot prices in California hit record lows in the first five months of 2026.
Regional storage was 69 Bcf, 30.9% above average as of week ending May 22, 2026.
California’s natural-gas consumption fell to a low 4.8 Bcf/d in 2025, 7% below 2024, because solar, renewables and battery storage cut its electricity share.
Daily LNG feedgas to U.S. export plants fell to a four-month low of 15.7 Bcf/d, down from 17.1 Bcf/d in May.

Summary

Texas Drives Buildout

Developers will add 44.9 Bcf/d of pipeline capacity in the U.S. during 2026-27, with 70 % already under construction.
Texas will host 29.7 Bcf/d of the buildout, including Louisiana’s 8.4 Bcf/d, 19 % of the total.
The Rio Bravo Pipeline, 4.5 Bcf/d, will supply the Rio Grande LNG export plant by late 2026.
Canada’s March 2026 gas production rose 5.6 % to 775.12 million GJ.
Canada’s exports jumped 7.4 % to 339.7 million GJ, the highest non-U.S. level since Kitimat LNG began in July 2025.

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California Gas Lows

Natural-gas spot prices in California hit record lows in the first five months of 2026.
Regional storage was 69 Bcf, 30.9% above average as of week ending May 22, 2026.
California’s natural-gas consumption fell to a low 4.8 Bcf/d in 2025, 7% below 2024, because solar, renewables and battery storage cut its electricity share.
Daily LNG feedgas to U.S. export plants fell to a four-month low of 15.7 Bcf/d, down from 17.1 Bcf/d in May.

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