US Natgas Prices Fall to Near 18-Month Low

US natural gas futures dropped to $2.67 per MMBtu, hovering near their lowest level since October 2024, pressured by growing inventories amid mild weather conditions. Above-normal spring temperatures have reduced heating demand and expanded storage levels to an estimated 8% above seasonal norms for the week ended April 24, up from 7% the previous week. Although forecasts point to slightly cooler-than-normal temperatures from late April into early May, the shift is not expected to be strong enough to materially increase consumption. On the supply side, output has started to ease in April, with daily production falling by 3.8 bcfd over the past 22 days to a preliminary 12-week low of 108.3 bcfd as low prices prompted major producers such as EQT to scale back supply. LNG export feedgas also climbed to 18.9 bcfd so far in April from 18.6 bcfd in March and surpassing the previous monthly record of 18.7 bcfd hit in February.

US natural gas futures fell to $2.71 per MMBtu, hovering near an eighteen-month low, weighed by rising inventories and mild weather conditions. Above-normal spring temperatures have lifted storage levels to an estimated 8% above seasonal norms for the week ended April 24, up from 7% the previous week. The EIA reported a 103 Bcf injection for the week ended April 17, well above market forecasts, last year’s 77 Bcf build, and the five-year average of 64 Bcf. While forecasts suggest temperatures may turn slightly cooler than normal from late April into early May, any demand increase is expected to be limited, as heating needs have largely faded while cooling demand has yet to meaningfully emerge. On the supply side, production has fallen by around 4.1 bcfd over the past 18 days to an 11-week low of 108.1 bcfd, as major producers such as EQT scaled back output in response to low prices. Meanwhile, LNG feedgas flows have averaged 18.9 bcfd so far in April, close to record highs.

US natural gas futures dropped 3.6% to $2.52 per MMBtu, the lowest since October 2024, as mild weather forecasts through early May keep demand subdued and allow continued strong storage injections. Warmer-than-normal spring conditions have already pushed inventories to an estimated 8% above seasonal norms for the week ended April 24, up from 7% the previous week. Even with slightly cooler temperatures expected into early May, demand is unlikely to rise significantly as heating needs remain limited and cooling demand has yet to pick up. On the supply side, output has declined by about 4.1 bcfd over the past 18 days to an 11-week low of 108.1 bcfd, with lower prices prompting producers such as EQT to curb production. Meanwhile, LNG feedgas flows have increased to 18.9 bcfd in April, near record levels. For the week, gas prices fell about 5.8% after a 1% gain in the previous period.