US natural gas futures fall to one-month low (updated)

US Global Investors

30/03/2026 20:21

Updates prices

By Sarah Qureshi

March 30 (Reuters) - U.S. natural gas futures fell on Monday to hit a one-month low, as investors took profits and producers boosted output.

Front-month gas futures for May delivery NGc1 on the New York Mercantile Exchange fell 4.6%, to settle at $2.887 per million British thermal units. During the session futures touched their lowest since February 27. On Friday, prices scaled their highest level since March 23.

Average gas output in the U.S. Lower 48 states stood at 109.7 billion cubic feet per day (bcfd) so far in March, up from 109.2 bcfd in February, according to data from financial firm LSEG.

"The market's looking forward into the shoulder month period, which is a low-demand period for April and parts of May," said Thomas Saal, senior vice president for energy trading at StoneX Financial, adding that the market will shift its focus to storage injections.

"Prices could continue to trade a little bit below $3," he added.

LSEG projected average gas demand in the Lower 48 states, including exports, at 108.6 bcfd this week and 110.3 bcfd next week.

Analysts at Ritterbusch and Associates said they "believe that a significant decline in production or any unexpected supply disruption could prompt an outsized price response. And although export activity has ramped up in recent days, the supportive impact has been largely offset by the increased output."

Iran described U.S. proposals to end a month of war in the Middle East as "unrealistic, illogical and excessive" and unleashed more missiles on Israel. Meanwhile, U.S. President Donald Trump issued another warning to Iran to open the Strait of Hormuz, a waterway used for shipping a fifth of global oil and liquefied natural gas supplies, or risk U.S. attacks on its energy infrastructure.

Week ended Mar 27 Forecasts
Week ended Mar 20 Actual
Year ago Mar 20
Five-year average (2021-2025) Mar 20
U.S. weekly natgas storage change (bcf):
+18
-54
+33
-21
U.S. total natgas in storage (bcf):
1,847
1,829
1,739
1,815
U.S. total storage versus 5-year average
+2.0%
+0.8%
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
3.02
2.99
4.14
3.62
3.79
Title Transfer Facility (TTF) TRNLTTFMc1
17.73
17.68
13.21
11.94
18.51
Japan-Korea Marker (JKM) JKMc1
20.40
20.50
13.50
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)
179
179
176
228
219
U.S. GFS Cooling Degree Days (CDD)
36
36
19
11
17
U.S. GFS Total Degree Days (TDD)
215
215
195
239
236
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
109.3
110.0
110.1
106.8
99.9
U.S. Imports from Canada
7.3
6.9
7.6
N/A
8.0
U.S. LNG Imports
0.0
0.0
0.0
0.0
0.1
Total U.S. Supply
116.6
117.0
117.7
N/A
108.0
U.S. Demand (bcfd)
U.S. Exports to Canada
3.9
3.8
3.8
N/A
3.4
U.S. Exports to Mexico
6.6
5.4
6.5
N/A
5.8
U.S. LNG Export Feedgas
18.7
19.2
18.8
16.1
13.2
U.S. Commercial
9.0
8.7
8.7
9.8
12.1
U.S. Residential
12.0
11.6
11.6
13.9
18.3
U.S. Power Plant
29.3
29.0
28.6
29.6
31.8
U.S. Industrial
23.1
23.1
23.3
23.6
24.5
U.S. Plant Fuel
5.4
5.4
5.4
5.4
5.4
U.S. Pipe Distribution
2.2
2.1
2.1
2.5
4.0
U.S. Vehicle Fuel
0.1
0.1
0.1
0.1
0.2
Total U.S. Consumption
81.0
80.2
79.8
84.9
96.3
Total U.S. Demand
110.3
108.6
109.0
N/A
118.7
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
98
101
76
74
83
Jan-Jul
100
104
78
76
77
Oct-Sep
104
106
80
77
76
U.S. weekly power generation percent by fuel - EIA
Week ended Mar 27
Week ended Mar 20
2025
2024
2023
Wind
16
15
11
11
10
Solar
9
8
6
5
4
Hydro
8
8
6
6
6
Other
1
1
1
1
2
Petroleum
0
0
0
0
0
Natural Gas
34
35
40
42
41
Coal
12
14
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
2.99
2.99
4.13
3.52
3.72
Transco Z6 New York NG-CG-NY-SNL
2.20
2.32
3.40
3.53
3.56
PG&E Citygate NG-CG-PGE-SNL
1.58
1.64
3.52
3.42
5.47
Eastern Gas (old Dominion South) NG-PCN-APP-SNL
2.13
2.21
3.29
2.79
2.96
Chicago Citygate NG-CG-CH-SNL
2.42
2.56
3.53
3.23
3.60
Algonquin Citygate NG-CG-BS-SNL
2.7
2.8
3.74
6.08
5.04
SoCal Citygate NG-SCL-CGT-SNL
2.2
2.2
3.53
3.60
5.71
Waha Hub NG-WAH-WTX-SNL
-3.04
-2.61
0.78
1.15
2.88
AECO NG-ASH-ALB-SNL
1.71
1.8
1.47
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
34.44
34.44
50.19
77.61
61.79
PJM West E-PJWHRTP-IX
58.5
50.12
48.35
60.23
54.47
Mid-Columbia (Mid C) W-MIDCP-IDX
14.14
10.85
34.51
44.81
68.96
Palo Verde W-PVP-IDX
31.79
26.8
23.31
34.82
59.94
South Path-15 (SP-15) W-SP15-IDX
18.07
14.15
16.63
28.44
53.02

 (Reporting by Sarah Qureshi in Bengaluru; Editing by Andrea Ricci, Nick Zieminski and David Gregorio)

 ((Sarahs.qureshi@thomsonreuters.com))