US natural gas futures fell more than 4% to $2.60 per MMBtu, approaching their lowest level since October 2024, pressured by abundant storage and robust injections into inventories. A federal report showed that utilities injected 103 billion cubic feet (bcf) of gas into storage for the week ended April 17, exceeding market expectations and significantly surpassing both the 77 bcf added in the same week a year earlier and the five-year average build of 64 bcf.
Mild spring weather has kept heating demand muted, enabling above-normal injections and pushing total inventories to roughly 7.1% above typical seasonal levels. Looking ahead, forecasts indicate mostly near-normal temperatures through early May, capping potential upside for demand.
On the supply side, output has fallen by about 3.8 billion cubic feet per day (bcfd) over the past 17 days to an 11-week low of 108.3 bcfd. At the same time, LNG feedgas flows have risen to 18.9 bcfd so far in April, putting the month on track for a potential record.
