Natural gas futures were little changed on Thursday after a sizable supply injection in US storage. The energy commodity has struggled to carve out a direction heading into the winter season, with forecasts providing mixed weather outlooks. Can natural gas prices hold $3 in the final quarter of 2025?

November natural gas futures dipped $0.005, or 0.17%, to $3.011 per million British thermal units (Btu) at 16:07 GMT on Thursday on the New York Mercantile Exchange. Natural gas prices are on track for a weekly decline of about 7%, adding to their year-to-date drop of 3.5%.

For the week ending October 10, US natural gas inventories have increased 80 billion cubic feet, according to the US Energy Information Administration. This is unchanged from the previous week and roughly in line with the market consensus.

The supply build was broad-based, led by the Midwest (30 billion cubic feet), the East (23 billion cubic feet), and the South Central (20 billion cubic feet).

In total, US natural gas supplies are 26 billion cubic feet higher than the same time a year ago. They are also 154 billion cubic feet above the five-year average of 3.567 trillion cubic feet.

The United States has seen mild weather so far this fall, and weather models have pointed to mixed conditions across the country for the winter.

In the meantime, natural gas has struggled to sustain momentum amid record domestic production. With pipeline maintenance season coming to an end, solid output will persist, according to Phil Flynn, an energy strategist at The PRICE Futures Group.

“LNG exports are nearing record levels and will likely rise with more capacity and seasonal demand. Despite long-term optimism, high storage, mild weather, increased production, and bearish technical may keep prices down in the near term. Long-term bullish prospects remain intact. Weather will be key,” he said in a note.

In other energy commodities, November West Texas Intermediate (WTI) crude oil and December Brent crude futures were unchanged at $57.85 per barrel and $61.93 per barrel, respectively. November gasoline futures were flat at $1.8326 a gallon, while November heating oil futures edged up $0.0285, or 1.31%, to $2.2033 per gallon.