US gas futures rebound from 17-month low on global energy price surge

US Global Investors

13/04/2026 14:13

US gas prices rise despite near record production, mild weather, and high storage levels

Waha Hub prices remain negative for 46 days due to Permian pipeline constraints

US gas prices lag global surge as LNG export capacity limits response to Iran conflict

By Scott DiSavino

NEW YORK, April 13 (Reuters) - U.S. natural gas futures climbed about 2% on Monday from a 17-month low in the prior session as energy prices around the world soar ahead of a U.S. blockade on Iran.

That price increase came despite forecasts for near-record production so far this month, ample supplies of gas in storage and forecasts for mild weather and less demand next week than previously expected.

Front-month gas futures for May delivery NGc1 on the New York Mercantile Exchange rose 6.0 cents, or 2.3%, to $2.708 per million British thermal units (mmBtu). On Friday, the contract closed at its lowest since October 29, 2024.

In the cash market, average prices at the Waha Hub NG-WAH-WTX-SNL in West Texas remained in negative territory for a record 46 straight days as pipeline constraints continued to trap gas in the Permian region, the nation's biggest oil-producing shale basin.

SUPPLY AND DEMAND

Financial firm LSEG said average gas output in the U.S. lower 48 states rose to 111.1 billion cubic feet per day so far in April, up from 110.4 bcfd in March. That compares with a monthly record high of 110.7 bcfd in December 2025.

Analysts projected that mostly mild spring weather has allowed energy firms to inject more gas into storage than usual, boosting inventories to a forecast 5.3% above normal levels during the week ended April 10, up from 4.8% above normal during the week ended April 3. EIA/GAS NGAS/POLL

Meteorologists forecast the weather will remain mostly warmer than normal through April 28, keeping both heating and cooling demand low.

LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 100.6 bcfd this week to 101.1 bcfd next week. The forecast for this week was higher than LSEG's outlook on Friday, while its forecast for next week was lower.

LNG EXPORTS

Average gas flows to the nine big U.S. LNG export plants rose to 18.9 bcfd so far in April, up from 18.6 bcfd in March. That reading compares with a monthly record high of 18.7 bcfd in February.

Global gas prices have spiked in recent years due primarily to supply disruptions linked to Russia's 2022 invasion of Ukraine and the 2026 war in Iran. In response to U.S. and Israeli bombings, Iran effectively shut the Strait of Hormuz and attacked Qatar's LNG export facilities, knocking out about 10 bcfd or around 20% of the world's LNG supplies.

Gas prices in the U.S., however, have not reacted to the Iran war as elsewhere. That is because the U.S. produces all the gas it needs domestically and U.S. LNG plants were already operating at maximum capacity. So, no matter how high global gas prices go, the U.S. cannot export much more LNG.

Since the U.S. and Israel started bombing Iran on February 28, U.S. gas NGc1 prices are down about 5% versus massive increases of 45% in Europe TRNLTTFMc1 and 81% in Asia JKMc1.

Week ended April 10 Forecast
Week ended April 3 Actual
Year ago April 10
Five-year average (2021-2025) April 10
U.S. weekly natgas storage change (bcf):
+50
+50
+22
+38
U.S. total natgas in storage (bcf):
1,961
1,911
1,844
1,862
U.S. total storage versus 5-year average
+5.3%
+4.8%
Global Gas Benchmark Futures ($ per mmBtu)
Current Day
Prior Day
This Month Last Year
Prior Year Average 2025
Five-Year Average (2021-2025)
Henry Hub NGc1
2.70
2.65
3.43
3.62
3.79
Title Transfer Facility (TTF) TRNLTTFMc1
16.32
15.09
11.48
11.94
18.51
Japan-Korea Marker (JKM) JKMc1
19.42
19.50
12.23
12.24
18.12
LSEG U.S. Global Forecast System (GFS) Heating, Cooling and Total Degree Days
Two-Week Total Forecast
Current Day
Prior Day
Prior Year
10-Year Norm
30-Year Norm
U.S. GFS Heating Degree Days (HDD)
109
105
110
148
148
U.S. GFS Cooling Degree Days (CDD)
53
57
49
38
33
U.S. GFS Total Degree Days (TDD)
162
162
259
286
181
LSEG U.S. Weekly GFS Supply and Demand Forecasts
Prior Week
Current Week
Next Week
This Week Last Year
Five-Year (2021-2025) Average for Month
U.S. Supply (bcfd)
U.S. Lower 48 Dry Production
111.3
110.6
110.5
106.8
99.9
U.S. Imports from Canada
6.8
6.6
6.5
N/A
7.5
U.S. LNG Imports
0.0
0.0
0.0
0.0
0.0
Total U.S. Supply
118.1
117.2
117.0
N/A
107.4
U.S. Demand (bcfd)
U.S. Exports to Canada
2.5
2.4
2.4
N/A
2.5
U.S. Exports to Mexico
6.1
6.0
6.0
N/A
6.1
U.S. LNG Export Feedgas
18.6
18.7
18.8
16.1
13.1
U.S. Commercial
8.9
6.5
7.0
7.7
8.6
U.S. Residential
12.0
7.7
8.5
9.9
11.4
U.S. Power Plant
28.8
29.4
28.1
29.5
27.2
U.S. Industrial
23.4
22.3
22.8
22.9
23.3
U.S. Plant Fuel
5.5
5.5
5.5
5.5
5.3
U.S. Pipe Distribution
2.2
2.0
2.0
2.2
3.0
U.S. Vehicle Fuel
0.1
0.1
0.1
0.1
0.2
Total U.S. Consumption
81.0
73.4
73.9
77.8
79.0
Total U.S. Demand
108.2
100.6
101.1
N/A
100.7
N/A = Not Available
U.S. Northwest River Forecast Center (NWRFC) at The Dalles Dam (fiscal year ending September 30)
2026 Current Day % of Normal Forecast
2026 Prior Day % of Normal Forecast
2025 % of Normal Actual
2024
% of Normal Actual
2023
% of Normal Actual
Apr-Sep
97
96
76
74
83
Jan-Jul
100
99
78
76
77
Oct-Sep
103
102
80
77
76
U.S. weekly power generation percent by fuel - EIA
Week ended Apr 17
Week ended Apr 10
2025
2024
2023
Wind
19
15
11
11
10
Solar
9
9
6
5
4
Hydro
7
7
6
6
6
Other
2
2
1
1
2
Petroleum
0
0
0
0
0
Natural Gas
33
35
40
42
41
Coal
12
13
18
16
17
Nuclear
19
19
18
19
19
SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu)
Hub
Current Day
Prior Day
This Month Last Year
Prior Year Average 2025
Five-Year Average (2021-2025)
Henry Hub NG-W-HH-SNL
2.64
2.78
3.41
3.52
3.72
Transco Z6 New York NG-CG-NY-SNL
1.84
1.93
2.81
3.53
3.56
PG&E Citygate NG-CG-PGE-SNL
1.25
1.30
2.63
3.42
5.47
Eastern Gas (formerly Dominion South) NG-PCN-APP-SNL
1.77
1.98
2.69
2.79
2.96
Chicago Citygate NG-CG-CH-SNL
2.11
2.38
3.03
3.23
3.60
Algonquin Citygate NG-CG-BS-SNL
1.95
2.24
3.15
6.08
5.04
SoCal Citygate NG-SCL-CGT-SNL
2.03
2.15
2.94
3.60
5.71
Waha Hub NG-WAH-WTX-SNL
-5.35
-4.06
1.38
1.15
2.88
AECO NG-ASH-ALB-SNL
0.84
0.93
1.60
1.13
2.13
Intercontinental Exchange (ICE) U.S. Power Next-Day Prices ($ per megawatt-hour)
Hub
Current Day
Prior Day
This Month Last Year
Prior Year Average 2025
Five-Year Average (2021-2025)
New England E-NEPLMHP-IDX
45.98
45.98
42.26
77.61
61.79
PJM West E-PJWHRTP-IX
60.10
47.01
50.50
60.23
54.47
Mid-Columbia (Mid C) W-MIDCP-IDX
8.07
18.00
26.45
44.81
68.96
Palo Verde W-PVP-IDX
2.81
10.03
25.26
34.82
59.94
South Path-15 (SP-15) W-SP15-IDX
1.88
6.29
9.76
28.44
53.02

 (Reporting by Scott DiSavino)

 ((scott.disavino@thomsonreuters.com; +1 332 219 1922; Reuters Messaging: scott.disavino.thomsonreuters.com@reuters.net/))