U.S. natural gas futures fell to around $2.67 per MMBtu on Wednesday, snapping a five-session gain that had been supported by recent production declines and near-record flows to LNG export facilities. Average output has dropped by roughly 3.9 bcfd over the past 15 days, reaching an eleven-week low of 108.2 bcfd. At the same time, deliveries to major LNG export terminals have climbed to 18.9 bcfd in April, placing the month on track to set a new record. However, the market remains under pressure due to ample inventories. Mild spring weather has allowed for strong storage injections, leaving stockpiles about 7% above the five-year average as of April 17. Weather forecasts have also shifted warmer across the US Midwest through late April, which is expected to reduce heating demand and limit power-sector consumption.
