19.02.202616:24:23UTC+00US Natgas Prices Hold at Around 4-Month Low

US natural gas futures hovered around $3.00 per MMBtu, near a four-month low, as increased production and smaller-than-normal storage withdrawals eased market tightness. Average output in the Lower 48 states rose to 108.7 billion cubic feet per day (bcfd) so far in February, up from 106.3 bcfd in January and nearing December’s record of 109.7 bcfd. The US Energy Information Administration reported a 144 bcf storage withdrawal for the week ended February 13, slightly below the five-year average and last year’s 182 bcf draw. Inventories remain about 6% under the seasonal norm, but analysts expect most of this deficit to be eliminated by early March as mild weather keeps heating demand subdued. Meanwhile, average gas flows to the eight US LNG export terminals increased to 18.6 bcfd in February, close to December’s record levels, and forecasts indicate that temperatures will remain mostly above normal through early March.