US natural gas futures climbed to $2.92 per MMBtu on Tuesday, recovering slightly but retaining most of the previous session’s losses, as warmer weather forecasts are expected to dampen heating demand. On Monday, prices fell 6% to a more than three-week low after updated projections indicated that temperatures would remain above seasonal norms across the western two-thirds of the country through April 1.
At the same time, traders are closely monitoring geopolitical developments in the Middle East after President Trump announced a five-day delay to previously threatened strikes on Iran’s oil infrastructure and reported “productive discussions” with Tehran. Despite heightened tensions, US natural gas prices have remained relatively stable since the conflict began on February 28, supported by ample inventories and the market’s limited short-term exposure to global dynamics.
According to the latest EIA data, US natural gas stockpiles are 10.4% above levels recorded a year earlier and 2.6% above the five-year average, while LNG export facilities continue to operate near full capacity.
