UPDATE 1-US natural gas futures dip on ample storage and weaker demand
Adds closing prices
By Scott DiSavino
NEW YORK, April 29 (Reuters) - U.S. natural gas futures slid about 2% on Wednesday on ample amounts of fuel in storage and forecasts for less demand next week than previously expected.
On its first day as the front-month, gas futures for June delivery NGc1 on the New York Mercantile Exchange fell 4.4 cents, or 1.6%, to settle at $2.647 per million British thermal units (mmBtu).
In the cash market, average prices at the Waha Hub in West Texas have remained in negative territory for a record 58 days in a row as pipeline constraints continued to trap gas in the Permian region, the nation's biggest oil-producing shale basin.
Daily Waha prices first averaged below zero in 2019. They did so 17 times in 2019, six times in 2020, once in 2023, 49 times in 2024, 39 times in 2025, and a record 67 times so far this year.
Waha prices have averaged a negative $2.15 per mmBtu so far in 2026, compared with a positive $1.15 in 2025 and a positive $2.88 over the past five years (2021-2025).
SUPPLY AND DEMAND:
Financial firm LSEG said average gas output in the U.S. Lower 48 states has fallen to 110.0 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.
On a daily basis, output was down even more, falling by around 1.2 bcfd over the past four days to a preliminary two-week low of 108.4 bcfd on Wednesday as low spot prices prompted energy firms like EQT EQT.N, the second-largest U.S. gas producer, to temporarily reduce 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, up from 7% above normal during the week ended April 17. EIA/GAS NGAS/POLL
Looking ahead, meteorologists forecast the weather will remain slightly cooler than normal through May 14. Cool weather in May, however, does not usually generate a lot of heating demand but does knock out early spring air conditioning use.
LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 102.1 bcfd this week to 99.6 bcfd next week. The forecast for next week was similar to LSEG's outlook on Tuesday.
Average gas flows to the nine big U.S. LNG export plants have risen to 18.8 bcfd so far in April, up from 18.6 bcfd in March. That figure compares with a monthly record high of 18.7 bcfd in February.
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Week ended April 24 Forecast |
Week ended April 17 Actual |
Year ago April 24 |
Five-year average (2021-2025) April 24 |
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U.S. weekly natgas storage change (bcf): |
+80 |
+103 |
+105 |
+63 |
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U.S. total natgas in storage (bcf): |
2,143 |
2,063 |
2,026 |
1,989 |
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U.S. total storage versus 5-year average |
+7.7% |
+7.1% |
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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 |
2.67 |
2.69 |
3.43 |
3.62 |
3.79 |
Title Transfer Facility (TTF) TRNLTTFMc1 |
15.30 |
14.86 |
11.48 |
11.94 |
18.51 |
Japan-Korea Marker (JKM) JKMc1 |
16.48 |
16.56 |
12.23 |
12.24 |
18.12 |
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LSEG U.S. Global Forecast System (GFS) Heating, Cooling and Total Degree Days |
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Two-Week Total Forecast |
Current Day |
Prior Day |
Prior Year |
10-Year Norm |
30-Year Norm |
U.S. GFS Heating Degree Days (HDD) |
113 |
115 |
75 |
102 |
94 |
U.S. GFS Cooling Degree Days (CDD) |
50 |
48 |
54 |
56 |
55 |
U.S. GFS Total Degree Days (TDD) |
163 |
163 |
129 |
158 |
149 |
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LSEG U.S. Weekly GFS Supply and Demand Forecasts |
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Prior Week |
Current Week |
Next Week |
This Week Last Year |
Five-Year (2021-2025) Average for Month |
U.S. Supply (bcfd) |
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U.S. Lower 48 Dry Production |
109.2 |
109.2 |
109.7 |
105.3 |
99.9 |
U.S. Imports from Canada |
6.7 |
6.8 |
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 |
116.0 |
116.0 |
N/A |
107.4 |
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U.S. Demand (bcfd) |
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U.S. Exports to Canada |
2.4 |
2.2 |
2.2 |
N/A |
2.5 |
U.S. Exports to Mexico |
6.8 |
6.6 |
6.4 |
N/A |
6.1 |
U.S. LNG Export Feedgas |
18.7 |
18.2 |
18.2 |
15.8 |
13.1 |
U.S. Commercial |
7.2 |
6.5 |
6.5 |
6.0 |
8.6 |
U.S. Residential |
8.6 |
7.6 |
7.4 |
6.8 |
11.4 |
U.S. Power Plant |
29.4 |
30.8 |
28.4 |
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 |
75.1 |
72.9 |
73.6 |
79.0 |
Total U.S. Demand |
103.4 |
102.1 |
99.6 |
N/A |
100.7 |
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N/A = Not Available |
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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 |
91 |
92 |
76 |
74 |
83 |
Jan-Jul |
95 |
95 |
78 |
76 |
77 |
Oct-Sep |
99 |
99 |
80 |
77 |
76 |
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U.S. weekly power generation percent by fuel - EIA |
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Week ended May 1 |
Week ended Apr 24 |
2025 |
2024 |
2023 |
Wind |
16 |
16 |
11 |
11 |
10 |
Solar |
9 |
9 |
6 |
5 |
4 |
Hydro |
7 |
7 |
6 |
6 |
6 |
Other |
1 |
2 |
1 |
1 |
2 |
Petroleum |
0 |
0 |
0 |
0 |
0 |
Natural Gas |
36 |
35 |
40 |
42 |
41 |
Coal |
13 |
13 |
18 |
16 |
17 |
Nuclear |
18 |
18 |
18 |
19 |
19 |
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SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu) |
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Hub |
Current Day |
Prior Day |
This Month Last Year |
Prior Year Average 2025 |
Five-Year Average (2021-2025) |
Henry Hub NG-W-HH-SNL |
2.70 |
2.72 |
3.41 |
3.52 |
3.72 |
Transco Z6 New York NG-CG-NY-SNL |
2.06 |
2.20 |
2.81 |
3.53 |
3.56 |
PG&E Citygate NG-CG-PGE-SNL |
1.20 |
1.27 |
2.63 |
3.42 |
5.47 |
Eastern Gas (formerly Dominion South) NG-PCN-APP-SNL |
1.97 |
2.04 |
2.69 |
2.79 |
2.96 |
Chicago Citygate NG-CG-CH-SNL |
2.42 |
2.34 |
3.03 |
3.23 |
3.60 |
Algonquin Citygate NG-CG-BS-SNL |
2.30 |
2.25 |
3.15 |
6.08 |
5.04 |
SoCal Citygate NG-SCL-CGT-SNL |
1.92 |
1.97 |
2.94 |
3.60 |
5.71 |
Waha Hub NG-WAH-WTX-SNL |
-4.50 |
-6.39 |
1.38 |
1.15 |
2.88 |
AECO NG-ASH-ALB-SNL |
0.84 |
0.89 |
1.60 |
1.13 |
2.13 |
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Intercontinental Exchange (ICE) U.S. Power Next-Day Prices ($ per megawatt-hour) |
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Hub |
Current Day |
Prior Day |
This Month Last Year |
Prior Year Average 2025 |
Five-Year Average (2021-2025) |
New England E-NEPLMHP-IDX |
56.23 |
41.09 |
42.26 |
77.61 |
61.79 |
PJM West E-PJWHRTP-IX |
82.31 |
62.58 |
50.50 |
60.23 |
54.47 |
Mid-Columbia (Mid C) W-MIDCP-IDX |
8.564 |
6.02 |
26.45 |
44.81 |
68.96 |
Palo Verde W-PVP-IDX |
17.00 |
9.00 |
25.26 |
34.82 |
59.94 |
South Path-15 (SP-15) W-SP15-IDX |
2.71 |
-0.71 |
9.76 |
28.44 |
53.02 |