US natgas futures slide 2% to near five-month low on mild weather forecast (updated)
24/02/2026 20:46
*
Waha Hub prices remain negative due to pipeline
constraints
*
U.S. gas output rises, demand forecast to drop next week
*
U.S. LNG exports increase, surpassing previous monthly
records
(Adds latest prices)
By Scott DiSavino
NEW YORK, Feb 24 (Reuters) - U.S. natural gas futures
slid about 2% on Tuesday to the lowest in nearly five months, on
milder weather forecasts that should limit heating demand.
On their second-to-last day as the front-month, gas futures
for March delivery NGc1 on the New York Mercantile Exchange
fell 7.0 cents, 2.3%, to settle at $2.915 per million British
thermal units (mmBtu), their lowest close since September 26.
In the cash market, average prices at the Waha Hub in West
Texas remained in negative territory for a record 13th day in a
row, as pipeline constraints trapped gas in the nation's biggest
oil-producing basin.
Daily Waha prices first averaged below zero in 2019. They
did so 17 times in 2019, six times in 2020, once in 2023, a
record 49 times in 2024, 39 times in 2025, and 22 times so far
this year.
Waha prices have averaged 62 cents per mmBtu so far this
year, compared with $1.15 in 2025 and a five-year average
(2021-2025) of $2.88.
SUPPLY AND DEMAND
Average gas output in the Lower 48 states climbed to 108.7
billion cubic feet per day so far in February from 106.3 bcfd in
January, according to LSEG data. Output hit a monthly record
high of 109.7 bcfd in December.
As utilities in the U.S. Northeast restored power following
a massive winter storm, meteorologists changed predicted
warmer-than-normal weather across the country through March 11,
revising an earlier outlook of near normal.
LSEG projects average gas demand in the Lower 48 states,
including exports, will slide from 138.3 bcfd this week to 128.4
bcfd next week. The forecast for this week was higher than
LSEG's outlook on Monday, while its forecast for next week was
lower.
There was about 6% less gas in storage than usual during the
week ended February 13. Energy analysts expect that deficit to
drop to just 1% less than normal during the week ended February
20 after mostly mild weather and low heating demand allowed
utilities to leave more of the fuel in storage than usual for
this time of year. EIA/GAS NGAS/POLL
Average gas flows to the nine large U.S. liquefied natural
gas export plants rose to 18.7 bcfd so far in February, up from
17.8 bcfd in January and on track to beat December's monthly
record of 18.5 bcfd.
In LNG news, QatarEnergy/Exxon Mobil's XOM.N 2.4-bcfd
Golden Pass export plant under construction in Texas continued
to take in more feedgas this week as it prepared to produce its
first LNG.
The U.S. became the world's biggest LNG exporter in 2023,
surpassing Australia and Qatar, as surging global prices fed
demand for more low-cost U.S. gas, due in part to supply
disruptions and sanctions linked to Russia's 2022 invasion of
Ukraine.
Gas was trading near $11 per mmBtu at both the Dutch Title
Transfer Facility (TTF) TRNLTTFMc1 benchmark in Europe and the
Japan-Korea Marker (JKM) JKMc1 benchmark in Asia. NG/EU
Week Week Year Five-ye
ended ended ago ar
Feb 20 Feb 13 Feb average
Forecas Actual 20 (2021-2
t 025)
Feb 20
U.S. weekly -70 -144 -252 -168
natgas storage
change (bcf):
U.S. total natgas 2,000 2,070 1,877 2,025
in storage (bcf):
U.S. total -1.2% -5.6%
storage versus
5-year average
Global Gas Current Prior This Prior Five-Ye
Benchmark Futures Day Day Month Year ar
($ per mmBtu) Last Average Average
Year 2025 (2021-2
025)
Henry Hub NGc1 2.95 2.99 3.74 3.62 3.79
Title Transfer 10.79 10.95 15.28 11.94 18.51
Facility (TTF)
TRNLTTFMc1
Japan-Korea 10.73 10.66 14.41 12.24 18.12
Marker (JKM)
JKMc1
LSEG U.S. Global
Forecast System
(GFS) Heating,
Cooling and Total
Degree Days
Two-Week Total Current Prior Prior 10-Year 30-Year
Forecast Day Day Year Norm Norm
U.S. GFS Heating 287 320 302 348 343
Degree Days (HDD)
U.S. GFS Cooling 20 19 5 10 7
Degree Days (CDD)
U.S. GFS Total 307 349 307 358 350
Degree Days (TDD)
LSEG U.S. Weekly
GFS Supply and
Demand Forecasts
Prior Current Next This Five-Ye
Week Week Week Week ar
Last (2021-2
Year 025)
Average
for
Month
U.S. Supply
(bcfd)
U.S. Lower 48 Dry 110.3 108.8 109.1 104.2 97.8
Production
U.S. Imports from 9.1 9.4 9.2 N/A 9.0
Canada
U.S. LNG Imports 0.1 0.0 0.0 0.0 0.1
Total U.S. Supply 119.4 118.2 118.3 N/A 106.9
U.S. Demand
(bcfd)
U.S. Exports to 4.0 4.0 4.0 N/A 3.5
Canada
U.S. Exports to 6.6 6.5 6.5 N/A 5.4
Mexico
U.S. LNG Export 18.8 18.8 18.4 15.9 12.6
Feedgas
U.S. Commercial 13.3 16.5 14.2 13.1 14.6
U.S. Residential 21.4 27.1 22.0 20.5 24.0
U.S. Power Plant 29.8 31.5 30.3 31.9 31.8
U.S. Industrial 24.0 25.5 24.7 24.4 25.2
U.S. Plant Fuel 5.4 5.4 5.4 5.4 5.4
U.S. Pipe 2.6 2.9 2.6 2.6 4.0
Distribution
U.S. Vehicle Fuel 0.1 0.1 0.1 0.1 0.2
Total U.S. 96.6 109.0 99.4 98.0 105.2
Consumption
Total U.S. Demand 126.0 138.3 128.4 N/A 126.7
N/A = Not
Available
U.S. Northwest 2026 2026 P 2025 2024 2023
River Forecast Current rior % of % of % of
Center (NWRFC) at Day % Day % Norma Normal Normal
The Dalles Dam of of l Actual Actual
(fiscal year Normal Normal Actua
ending Forecas Forecas l
September 30) t t
Apr-Sep 92 93 76 74 83
Jan-Jul 92 92 78 76 77
Oct-Sep 96 96 80 77 76
U.S. weekly power
generation
percent by fuel -
EIA
Week Week 2025 2024 2023
ended ended
Feb 27 Feb 20
Wind 13 14 11 11 10
Solar 6 5 6 5 4
Hydro 7 7 6 6 6
Other 1 1 1 1 2
Petroleum 0 0 0 0 0
Natural Gas 37 36 40 42 41
Coal 17 16 18 16 17
Nuclear 19 20 18 19 19
SNL U.S. Natural
Gas Next-Day
Prices ($ per
mmBtu)
Hub Current Prior This Prior Five-Ye
Day Day Month Year ar
Last Average Average
Year 2025 (2021-2
025)
Henry Hub 3.13 3.15 4.19 3.52 3.72
NG-W-HH-SNL
Transco Z6 New 6.92 3.53 4.90 3.53 3.56
York
NG-CG-NY-SNL
PG&E Citygate 1.86 1.91 3.78 3.42 5.47
NG-CG-PGE-SNL
Eastern Gas (old 2.61 2.62 4.03 2.79 2.96
Dominion South)
NG-PCN-APP-SNL
Chicago Citygate 2.84 2.88 4.19 3.23 3.60
NG-CG-CH-SNL
Algonquin 9.63 7.50 13.65 6.08 5.04
Citygate
NG-CG-BS-SNL
SoCal Citygate 2.52 2.68 4.19 3.60 5.71
NG-SCL-CGT-SNL
Waha Hub -3.76 -4.56 2.76 1.15 2.88
NG-WAH-WTX-SNL
AECO 1.19 1.28 1.53 1.13 2.13
NG-ASH-ALB-SNL
ICE U.S. Power
Next-Day Prices
($ per
megawatt-hour)
Hub Current Prior This Prior Five-Ye
Day Day Month Year ar
Last Average Average
Year 2025 (2021-2
025)
New England 105.40 93.18 134.5 77.61 61.79
E-NEPLMHP-IDX 8
PJM West 70.75 68.42 53.89 60.23 54.47
E-PJWHRTP-IX
Mid C 20.71 21.30 67.87 44.81 68.96
W-MIDCP-IDX
Palo Verde 10.18 17.43 29.05 34.82 59.94
W-PVP-IDX
SP-15 14.92 20.06 25.19 28.44 53.02
W-SP15-IDX
(Reporting by Scott DiSavino, Editing by Nick Zieminski and
David Gregorio)
((mailto:scott.disavino@thomsonreuters.com; +1 332 219 1922;
Reuters Messaging:
rm://scott.disavino.thomsonreuters.com@reuters.net/))
Recent news on US Global Investors
See all newsUS natgas prices hold steady after smaller-than-expected build (updated)
US natgas prices ease ahead of storage report as LNG export flows hit 3-week low
US natgas futures climb 2% on lower output, higher LNG exports (updated)
US natgas prices steady, boosted by high crude price, pressured by ample storage (updated)
US natgas prices slip on record output, ample fuel in storage (updated)