US natural gas futures fell toward $1.6/MMBtu to their lowest in over two months, weighed by seasonal weakness and bigger-than-expected storage build. The latest EIA report showed, US utilities added 92 billion cubic feet (bcf) of gas into storage during the week ended April 19th, 2024, the biggest rise in six months, compared with market expectations of an 87 bcf increase. Stocks stood at 2,425 Bcf, 439 Bcf higher than last year at this time and 655 Bcf (or 37%) above the five-year average of 1,770 Bcf. On the other hand, the supply was still catching up with the demand. According to financial company LSEG, gas output in Lower 48 states decreased to an average of 96.8 billion cubic feet per day in April from 100.8 billion cubic feet per day in March due to maintenance activities, well shut-ins, and lower investments.
Natural gas decreased 0.35 USD/MMBtu or 15.24% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Natural gas reached an all time high of 15.78 in December of 2005. Natural gas - data, forecasts, historical chart - was last updated on April 26 of 2024.
Natural gas decreased 0.35 USD/MMBtu or 15.24% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas is expected to trade at 1.79 USD/MMBtu by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2.03 in 12 months time.