US Natural Gas Prices Rebound

US natural gas futures climbed to $2.92 per MMBtu, the highest level in more than six weeks, supported by declining production and the restart of a liquefaction train at Freeport LNG’s export facility. Output across the Lower 48 states has trended lower in recent weeks as major producers, including EQT, scaled back activity due to low spot prices. Additionally, a liquefaction train at Freeport LNG export terminal in Texas has reportedly resumed operations following a brief shutdown caused by a compressor issue. Analysts noted that LNG exports continue to provide strong support to prices, although flows to certain terminals have eased from record levels amid seasonal maintenance. Meanwhile, weather forecasts point to mostly near-normal temperatures through May 26, with cooling needs gradually replacing late-season heating demand.

Natural gas increased to 2.88 USD/MMBtu, the highest since April 2026. Over the past 4 weeks, Natural gas gained 9.58%, and in the last 12 months, it decreased 21.05%.

US natural gas futures rose toward $2.80 per MMBtu amid a continued drop in output. Production in the Lower 48 states has been trending lower, as major producers such as EQT curtailed output due to weak spot prices. In addition, the EIA reported a 63 bcf injection for the week ended May 1, below forecasts of 74 bcf and also lower than both last year’s 104 bcf increase and the five-year average of 77 bcf. While earlier mild spring weather supported stronger-than-usual storage injections, the recent decline in production, combined with near-normal weather and increased demand, has likely narrowed the inventory surplus to around 6% above seasonal norms for the week ended May 7, down from 7% the previous week. Forecasts point to mostly near-normal temperatures through May 23, with cooling demand gradually overtaking the late-season heating demand. Meanwhile, flows to major gas export terminals have eased from April’s record highs due to seasonal maintenance.