US Natural Gas Futures Rise on Increased LNG Exports and Cooler Weather Forecasts

U.S. natural gas futures increased by approximately 1% on Tuesday, March 18, driven by record gas flows to liquefied natural gas (LNG) export facilities. A decrease in daily output and forecasts indicating cooler weather and higher demand for the following week also contributed to the price increase. Average gas output in the Lower 48 U.S. states has risen to 105.8 billion cubic feet per day (bcfd) so far in March, up from a record 105.1 bcfd in February. However, daily output was on track to drop by around 2.7 bcfd to a preliminary three-week low of 104.1 bcfd on Tuesday. The amount of gas flowing to the eight major U.S. LNG export plants averaged 15.7 bcfd in March, surpassing February's record of 15.6 bcfd. The United States became the world's leading LNG supplier in 2023, exceeding Australia and Qatar.