12.02.202616:43:06UTC+00US Natgas Prices Rise after EIA Data

US natural gas futures climbed to about $3.23 per MMBtu, supported by strong LNG export demand and continued steep storage withdrawals. Energy firms pulled 249 billion cubic feet (bcf) of gas from storage in the week ending February 6, following a record 360 bcf draw the previous week, as prolonged Arctic cold significantly boosted heating needs. While the latest withdrawal came in slightly below expectations, it was still far larger than the 111 bcf draw recorded a year earlier and well above the five-year average of 146 bcf.

LNG demand remained solid, with feedgas flows to the eight major US export terminals averaging 18.5 billion cubic feet per day (bcfd) so far in February, close to record highs. Domestic production also ticked higher, rising to 107.6 bcfd from 106.3 bcfd in January. Even so, forecasts call for mostly warmer-than-normal weather through late February, which could curb demand and cap further price increases.