US Natural Gas Futures Increase Despite Production Decline and Negative Waha Prices
US natural gas futures for May delivery rose to $2.837 per million British thermal units, amid a daily production drop. Waha Hub prices remained negative for 42 consecutive days, impacted by pipeline constraints in the Permian region.
Theia Market Signal Identification - AI Assisted
May natural gas futures increased by 2.6 cents to $2.837 per million British thermal units, marking potential for the highest close since March 31. Despite this, Waha Hub prices in Texas have been negative for a record 42 days due to pipeline constraints in the Permian Basin.
Daily gas output in the Lower 48 states was projected to decline by approximately 3.0 billion cubic feet per day over two days, reaching a preliminary low of 108.9 bcfd. Average gas flows to US LNG export facilities rose to 19.1 bcfd in April, although daily flows decreased to a preliminary four-week low of 17.9 bcfd, influenced by planned maintenance at Cheniere Energy's Sabine plant. This situation may lead to increased storage injections, with inventories expected to exceed normal levels by 5% during early April.
Comments