U.S natural gas futures fell to $2.95 per MMBtu on Monday after four consecutive sessions of gains, as traders assessed shifting weather forecasts. Updated forecasts indicate slightly cooler weather, though temperatures are still expected to remain above seasonal averages across most of the country through the end of March. Last week, the EIA reported a larger-than-average storage withdrawal, but analysts widely see it to be the final draw of the winter season as warmer weather takes hold. Meanwhile, the war in the Middle East has driven global gas prices sharply higher amid disruptions to LNG flows from Qatar. However, US natural gas prices have remained relatively stable as the country produces all the gas it consumes, and LNG export terminals are already running at full capacity, preventing additional exports even if global prices rise.
