US natural gas futures slipped to $2.93 per MMBtu on Monday, breaking a four-session winning streak, as traders reacted to evolving weather outlooks. Updated forecasts now point to slightly cooler conditions, though temperatures are still expected to stay above seasonal norms across most of the country through the end of March.
Last week’s EIA report showed a storage withdrawal that exceeded the seasonal average. However, most analysts believe this likely marks the final draw of the winter season, with milder weather increasingly setting in.
At the same time, the conflict in the Middle East has driven a sharp increase in global gas prices, amid disruptions to LNG shipments from Qatar. Yet US natural gas prices have remained comparatively steady. The United States currently produces enough gas to meet its own domestic demand, and its LNG export terminals are already operating at full capacity, limiting any additional export response to rising global prices.
