US natural gas futures inched up to $2.73 per MMBtu but remained close to their lowest levels since November 2024, as milder weather forecasts pointed to softer demand. Temperatures are expected to stay mostly above seasonal norms through April 23, keeping heating needs muted.
Analysts noted that the early spring warmth has allowed for larger-than-usual storage injections. Inventories for the week ended April 3 are projected to stand about 5% above the seasonal average, compared with 3% above normal the previous week.
At the same time, Israeli strikes in Lebanon have cast doubt on whether President Trump’s ceasefire agreement with Iran will hold. The latest attack prompted Iran to announce a closure of the Strait of Hormuz, although the White House has denied that the key waterway is actually shut.
Despite these geopolitical tensions, US natural gas prices remain largely insulated from overseas disruptions, as domestic export terminals are already running near full capacity, limiting the impact of any additional external supply shocks.