US Natgas Prices Hold at 17-Month Low

US natural gas futures held steady at $2.67 per MMBtu on Friday, the lowest level since November 2024, pressured by a larger-than-expected storage build last week and mild weather forecasts. The EIA reported a 50 Bcf injection into storage for the week ended April 3, above market expectations of a 46 Bcf build. The increase compares with a 53 Bcf injection in the same week last year and a five-year average build of 13 Bcf.

Also, forecasts point to above-normal temperatures through at least April 24, keeping gas demand subdued over the next two weeks. On the geopolitical front, markets are monitoring weekend negotiations in Islamabad, where a US delegation led by Vice President JD Vance is scheduled to meet Iranian officials. The talks come after Israeli strikes in Lebanon put at risk a fragile ceasefire reached earlier this week. Despite the uncertainty, US gas prices remain insulated due to strong domestic production, with export facilities already operating near their limits.