US natural gas futures edged up $2.52 per MMBtu but remained close to their lowest level since October 2024, weighed by rising inventories and mild weather conditions. Above-normal spring temperatures have lifted storage levels to an estimated 8% above seasonal norms for the week ended April 24, up from 7% the previous week. Although forecasts suggest temperatures may turn slightly cooler than normal from late April into early May, any boost to demand is expected to be limited, as heating needs have largely faded while summer cooling demand has yet to meaningfully emerge. On the supply side, production has fallen by around 4.1 bcfd over the past 18 days to an 11-week low of 108.1 bcfd, as low prices led major producers such as EQT to scale back output. Meanwhile, LNG feedgas flows have risen to 18.9 bcfd so far in April, close to record highs.
