US natural gas futures rose to $2.95 per MMBtu on Tuesday, rebounding after a 4.6% drop in the previous session and marking a roughly 3% gain for March, supported by LNG feedgas demand linked to disruptions at the Strait of Hormuz.

Looking ahead, warmer than expected weather forecasts across the eastern US are likely to weigh on demand, with above average temperatures projected from late March into early April and again mid month, reducing heating needs and supporting expectations of rising stockpiles. Although the EIA reported a larger than usual storage draw last week, it is seen as the final withdrawal of the winter season, with inventories expected to shift from a slight surplus in mid March to a larger surplus by mid April. Meanwhile US gasoline prices climbed above $4 per gallon for the first time since August 2022, reflecting the impact of the escalating Middle East conflict, with prices rising more than $1 since the war began.

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