US natural gas futures inched up to $2.67 per MMBtu on Friday but stayed close to a seventeen-month low, weighed down by a larger-than-expected storage build and mild weather forecasts. The EIA reported a 50 Bcf injection into storage for the week ended April 3, exceeding market expectations of a 46 Bcf build. That compares with a 53 Bcf injection in the same week a year earlier and a five-year average build of 13 Bcf. Forecasts also indicate above-normal temperatures through at least April 24, likely keeping gas demand muted over the next two weeks.
On the geopolitical front, markets are watching weekend talks in Islamabad, where a US delegation led by Vice President JD Vance is slated to meet Iranian officials. The negotiations follow Israeli strikes in Lebanon that have put at risk a fragile ceasefire reached earlier in the week. Even amid this uncertainty, US gas prices remain relatively insulated, supported by robust domestic production and export facilities that are already running near capacity.
