U.S. working natural gas inventories ended the winter heating season (November 1–March 31) at 2,290 billion cubic feet (Bcf), 39% more than the previous five-year (2019–23) average. Relatively high natural gas inventories all winter have contributed to record-low Henry Hub natural gas spot prices. The surplus to the five-year average grew over winter 2023–24 because of mild weather, low natural gas consumption, and high natural gas production. In our April Short-Term Energy Outlook (STEO), we expect natural gas inventories to remain relatively high and natural gas spot prices to remain relatively low through 2025.