2026.02.1716:58:54UTC+00US Natgas Prices Fall to 4-Month Low

US natural gas futures declined 5% to around $3.07 per MMBtu, the lowest level since October, as near-record production and milder weather forecasts eased supply concerns. Warmer-than-normal conditions are expected across much of the country through early March, keeping heating demand muted and allowing utilities to maintain higher-than-usual storage levels for this time of year. Output in the Lower 48 states averaged about 108.5 bcfd in February, up from 106.3 bcfd in January and close to December’s monthly record, underscoring ample supply. Daily production recently approached 111 bcfd, near record highs, adding further downward pressure on prices. Meanwhile, gas flows to major US LNG export terminals rose to 18.6 bcfd in February, above January’s levels and on pace to surpass December’s record. This export strength has provided some support, but not enough to counter the combined impact of robust production and expectations for mild weather.