US natural gas futures ended lower for a fifth consecutive session, settling at $2.599/mmbtu on Nymex, its lowest front-month price since October 29, 2024. The decline came as traders weighed plunging oil prices against mixed weather outlooks.
Analysts expect a growing storage surplus relative to the five-year average in the coming weeks, with forecasts showing weeks of mild weather despite a slight cold shift in the northeast from April 19-23.
According to the Commodity Weather Group, normal seasonal weather is expected across most of the US from April 19-28.
Meanwhile, daily BNEF Gas Data showed lower-48 dry gas production on Tuesday at ~111.4 bcf/day, or 2.7% y/y, and lower-48 total gas demand at ~66.9 bcf/day, or -1.5% y/y.
US LNG exports for the week ended April 12 fell to an eight-week low, while Asian LNG prices rose to $18 as US blockades Hormuz.
