US natural gas futures rose to $2.96 per MMBtu on Thursday, but stayed near a three-week low as traders awaited the EIA’s weekly storage report later in the day, which is expected to show inventories staying slightly above the five-year average. Projections point to a 51 Bcf withdrawal, likely the final draw of the winter season. Temperatures are now forecasted to remain warmer than normal through April 9, limiting gas consumption in the coming weeks. In the Middle East, Iran rejected a US ceasefire proposal and presented its own negotiation framework. Still, the White House said talks with Iran remained ongoing and productive, despite Tehran’s public denials. Despite the geopolitical uncertainty, the US remains largely insulated from external supply shocks, given that domestic output covers all consumption needs, and LNG export capacity is already maxed out, preventing additional exports even if global prices rise.

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