US natural gas futures edge up 1% as output drops, LNG exports surge (updated)

US Global Investors

27/04/2026 19:50

US gas output drops as low prices prompt production cuts by firms like EQT

Mild weather boosts storage levels to 8% above normal, LSEG and analysts report

LNG exports near record highs, supporting overall demand despite weak spot prices

Adds latest prices

By Scott DiSavino

NEW YORK, April 27 (Reuters) -
U.S. natural gas futures edged up about 1% on Monday from a 17-month low in the prior session, boosted by a drop in output in recent weeks, lifted demand forecasts for this week and near-record liquefied natural gas exports.

On its second-to-last day as the front-month contract, gas futures for May delivery NGc1 on the New York Mercantile Exchange rose 2.7 cents, or 1.1%, to settle at $2.55 per million British thermal units (mmBtu). On Friday, the contract notched its lowest close since October 29, 2024.

Futures for June NGM26, soon to be the front-month contract, were up about 2% to $2.74 per mmBtu.

        In the cash market, some power and gas prices in Texas NG-WAH-WTX-SNL and California W-SP15-IDX traded in negative territory for a third straight week as mild weather limited heating and cooling demand, which was met by ample amounts of hydro and other renewable sources of energy.

SUPPLY AND DEMAND

Financial firm LSEG said average gas output in the U.S. Lower 48 states has eased to 110.1 billion cubic feet per day (bcfd) so far in April, down from 110.4 bcfd in March. That figure compares with a monthly record high of 110.7 bcfd in December 2025.

Daily output was on track to drop by around 0.7 bcfd over the past five days to a preliminary 108.8 bcfd on Monday as low spot prices prompted energy firms like EQT EQT.N, the second-largest U.S. gas producer, to cut production. Preliminary data, however, is often revised later in the day.

Analysts said mostly mild weather this spring has allowed energy firms to inject more gas into storage than usual, boosting inventories to a forecast 8% above normal levels during the week ended April 24 from 7% above normal during the week ended April 17. EIA/GAS NGAS/POLL

Looking ahead, meteorologists forecast the weather will remain mostly near normal through May 12.

LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 102.0 bcfd this week to 100.1 bcfd next week. The forecast for this week was higher than LSEG's outlook on Friday.

Average gas flows to the nine big U.S. LNG export plants have risen 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.

Week ended April 24 Forecast
Week ended April 17 Actual
Year ago April 24
Five-year average (2021-2025) April 24
U.S. weekly natgas storage change (bcf):
+81
+103
+105
+63
U.S. total natgas in storage (bcf):
2,144
2,063
2,026
1,989
U.S. total storage versus 5-year average
+7.8%
+7.1%
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
2.57
2.52
3.43
3.62
3.79
Title Transfer Facility (TTF) TRNLTTFMc1
15.27
15.19
11.48
11.94
18.51
Japan-Korea Marker (JKM) JKMc1
16.55
16.39
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)
114
119
75
102
99
U.S. GFS Cooling Degree Days (CDD)
45
48
54
56
51
U.S. GFS Total Degree Days (TDD)
159
167
129
158
150
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
109.2
109.3
109.7
105.3
99.9
U.S. Imports from Canada
6.7
6.4
6.4
N/A
7.5
U.S. LNG Imports
0.0
0.0
0.0
0.0
0.0
Total U.S. Supply
115.9
1157
116.1
N/A
107.4
U.S. Demand (bcfd)
U.S. Exports to Canada
2.4
2.3
2.2
N/A
2.5
U.S. Exports to Mexico
6.8
6.5
6.3
N/A
6.1
U.S. LNG Export Feedgas
18.7
18.4
18.5
15.8
13.1
U.S. Commercial
7.2
6.5
6.6
6.0
8.6
U.S. Residential
8.6
7.6
7.5
6.8
11.4
U.S. Power Plant
29.4
30.6
28.5
30.9
27.2
U.S. Industrial
22.9
22.7
23.0
22.4
23.3
U.S. Plant Fuel
5.4
5.4
5.4
5.4
5.3
U.S. Pipe Distribution
2.0
2.0
1.9
2.0
3.0
U.S. Vehicle Fuel
0.1
0.1
0.1
0.1
0.2
Total U.S. Consumption
75.5
74.9
73.1
73.6
79.0
Total U.S. Demand
103.4
102.0
100.1
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
92
91
76
74
83
Jan-Jul
95
95
78
76
77
Oct-Sep
99
99
80
77
76
U.S. weekly power generation percent by fuel - EIA
Week ended May 1
Week ended Apr 24
2025
2024
2023
Wind
14
16
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
36
35
40
42
41
Coal
13
13
18
16
17
Nuclear
19
18
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
2.54
2.65
3.41
3.52
3.72
Transco Z6 New York NG-CG-NY-SNL
1.96
1.97
2.81
3.53
3.56
PG&E Citygate NG-CG-PGE-SNL
1.16
1.18
2.63
3.42
5.47
Eastern Gas (formerly Dominion South) NG-PCN-APP-SN
1.80
1.87
2.69
2.79
2.96
Chicago Citygate NG-CG-CH-SNL
2.25
2.22
3.03
3.23
3.60
Algonquin Citygate NG-CG-BS-SNL
2.12
2.06
3.15
6.08
5.04
SoCal Citygate NG-SCL-CGT-SNL
1.97
1.97
2.94
3.60
5.71
Waha Hub NG-WAH-WTX-SNL
-8.74
-7.05
1.38
1.15
2.88
AECO NG-ASH-ALB-SNL
0.91
0.91
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
49.00
43.08
42.26
77.61
61.79
PJM West
57.75
75.70
50.50
60.23
54.47
Mid-Columbia (Mid C)
8.58
4.61
26.45
44.81
68.96
Palo Verde
8.90
4.25
25.26
34.82
59.94
South Path-15 (SP-15)
-1.77
-2.80
9.76
28.44
53.02

 (Reporting by Scott DiSavino; Editing by Paul Simao and David Gregorio)

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