US natural gas futures fell 3.6% to $2.52 per MMBtu, the lowest level since October 2024, as mild weather forecasts through early May continue to dampen demand and support strong storage injections. Warmer-than-normal spring temperatures have already lifted inventories to an estimated 8% above the seasonal average for the week ended April 24, up from 7% a week earlier.
Although slightly cooler conditions are expected into early May, overall demand is not expected to increase meaningfully, with heating needs remaining modest and cooling demand yet to accelerate. On the supply side, output has declined by about 4.1 bcfd over the past 18 days to an 11-week low of 108.1 bcfd, as lower prices encourage producers, including EQT, to scale back production. At the same time, LNG feedgas flows have risen to 18.9 bcfd so far in April, hovering near record highs.
For the week, natural gas prices declined about 5.8%, reversing a 1% gain in the previous week.
