Natural gas prices rose by 2.05% to 347.8, despite a decline in daily output and higher-than-expected demand forecasts for the next two weeks. Gas stockpiles remain 5% below normal levels due to extreme cold in January and February.
Average gas production in the Lower 48 states fell to 104.4 billion cubic feet per day in April, down from a record 106.2 bcfd in March. Gas demand is projected to rise from 103.3 bcfd this week to 105.4 bcfd next week, higher than earlier forecasts.
Gas flows to major U.S. LNG plants dropped to 14.9 bcfd in April. U.S. utilities added 37 billion cubic feet of gas to storage for the week ending March 21, surpassing market expectations.
