US natural gas futures rose to $2.657 per MMBtu, supported by a recent drop in output and expectations of stronger demand over the next two weeks, but were still close to their lowest level since October 2024. Average production fell by about 3.2 bcfd over the past four days to a preliminary 10-week low of 108.0 bcfd, driven largely by declines in Louisiana and Ohio. At the same time, flows to major US LNG export terminals increased to 18.9 bcfd in April so far, up from 18.6 bcfd in March and near record levels. However, the Energy Information Administration reported a storage build of 59 billion cubic feet for the week ended April 10, exceeding forecasts and well above both last year’s increase and the five-year average. The larger build was attributed to mild weather limiting heating demand, with forecasts pointing to continued warmer-than-normal conditions through early May.
