US natural gas futures climbed to a two-week high of $2.70 per MMBtu, driven by a recent pullback in production and near-record feedgas flows to LNG export facilities. Average output has declined by roughly 3.9 bcfd over the past 15 days to an 11-week low of 108.2 bcfd, while deliveries to major LNG terminals have risen to 18.9 bcfd so far in April, putting the month on track to potentially set a new record.
Even so, prices remain close to their lowest levels since October 2024, weighed down by a substantial storage overhang. Mild spring weather has supported strong injections, leaving inventories about 7% above the five-year average as of April 17. Looking ahead, forecasts have turned warmer across the US Midwest through late April, which is expected to curb both heating and power demand and pave the way for additional storage builds as the market moves further into the low-demand spring shoulder season.
