US Natgas Prices Hover at Over 3-Week High

US natural gas futures hovered at their highest level in over three weeks at $2.76 per MMBtu, amid an in-line storage injection, while a decline in output and near-record LNG exports also supported prices. The EIA reported a 79 Bcf injection into storage for the week ended April 24, broadly in line with expectations of an 80 Bcf build, and smaller than both the previous week’s 103 Bcf and the 105 Bcf increase a year earlier. Additionally, production has weakened further, falling by around 2.0 bcfd over the past five days to a preliminary 12-week low of 107.6 bcfd, as major producers such as EQT curtailed output due to low prices. LNG export feedgas also rose to 18.8 bcfd so far in April from 18.6 bcfd in March, exceeding the previous monthly record of 18.7 bcfd set in February. Despite these, US gas prices still declined 4.1% in April, weighed by ample inventories amid mild weather conditions, following a modest increase of nearly 1% in March.

US natural gas futures dropped to $2.63 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 mid-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 18.8 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 gas prices are on track for a monthly loss of more than 8%.

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.