FX.co ★ US Natgas Prices Edge Up Slightly

US natural gas futures rose to $2.70 per MMBtu, supported by a pullback in production over the past two weeks and near-record gas flows to US LNG export facilities, though prices remain close to their lowest levels since October 2024. Average daily output has fallen by about 3.9 bcfd over the last fortnight to a 10-week low of 108.3 bcfd. At the same time, gas deliveries to major US LNG terminals have climbed to 18.9 bcfd so far in April, putting the month on track for a potential record high.

Gains remain constrained by a persistent storage surplus. Unseasonably mild spring weather has enabled robust injections, lifting inventories to an estimated 7% above the five-year average in the week ended April 17. Looking ahead, meteorologists are calling for near-normal temperatures through early May, and analysts expect storage levels to remain elevated.