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US natural gas futures rose to $2.77 per MMBtu, marking their highest level in over three weeks amid an in-line storage injection, while a decline in output and near-record LNG exports also supported prices. The EIA reported a 79 Bcf injection into storage for the week ended April 24, broadly in line with expectations of an 80 Bcf build, and smaller than both the previous week’s 103 Bcf and the 105 Bcf increase a year earlier. Additionally, production has weakened further, falling by around 2.0 bcfd over the past five days to a preliminary 12-week low of 107.6 bcfd, as major producers such as EQT curtailed output due to low prices. LNG export feedgas also rose to 18.8 bcfd so far in April from 18.6 bcfd in March, exceeding the previous monthly record of 18.7 bcfd set in February. Despite these, US gas prices still declined 4.1% in April, weighed by ample inventories amid mild weather conditions, following a modest increase of nearly 1% in March.
