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U.S natural gas futures dropped to $2.66 per MMBtu, hovering near their lowest level since October 2024, pressured by growing inventories amid mild weather conditions. Above-normal spring temperatures have reduced heating demand and expanded storage levels to an estimated 8% above seasonal norms for the week ended April 24, up from 7% the previous week.
Although forecasts point to slightly cooler-than-normal temperatures from late April into early May, the shift is not expected to be strong enough to materially increase consumption. On the supply side, output has started to ease in April, with daily production falling by 3.8 bcfd over the past 22 days to a preliminary 12-week low of 108.3 bcfd as low prices prompted major producers such as EQT to scale back supply. LNG export feedgas also climbed to 18.9 bcfd so far in April from 18.6 bcfd in March and surpassing the previous monthly record of 18.7 bcfd hit in February.
