US Natgas Prices Fall More than 3%

US natural gas futures fell more than 3% to around $2.8 per MMBtu as expectations for weaker demand, elevated storage levels, and lower LNG feedgas flows weighed on prices. Mild spring weather earlier in the season allowed utilities to inject more gas into storage than usual, leaving inventories about 7% above seasonal norms as of early May. Weather forecasts suggest mostly near average conditions through late May, limiting near term demand upside. LNG exports also softened, with flows to major US export terminals averaging 17.1 bcfd so far in May, down from April’s record 18.8 bcfd due to seasonal maintenance. Domestic production has also eased slightly, with Lower 48 output slipping to about 109.3 bcfd from April levels, as low spot prices prompted some producers, including EQT, to curb output.

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%.