Live Updates > Live Update Details
2026-04-08 21:46:32
[US Natural Gas Plunges to Seven-Month Low, Waha Spot Market Sets Record for 43 Consecutive Days of Losses] ⑴ US natural gas futures fell about 3% to a seven-month low on Wednesday, with the May contract on the New York Mercantile Exchange set at $2.774 per million British thermal units (MMBtu), a 3.3% drop, after a two-week ceasefire agreement between the US and Iran dragged down oil prices by 18%, weakening the overall energy sector. ⑵ In the spot market, the average price at the West Texas Intermediate (Waha) hub has been in negative territory for 43 consecutive days, setting a historical record. The year-to-date average is -$1.32 per MMBtu, while the full-year 2025 forecast is positive at $1.15. Pipeline capacity bottlenecks in the Permian Basin continue to constrain local natural gas production. ⑶ On the supply side, average daily production in the 48 contiguous US states has risen to 111.2 billion cubic feet since April, up from 110.4 billion cubic feet in March. On the demand side, mild spring weather led to low demand for both heating and cooling, and institutions expect inventories to be about 4.5% higher than normal levels in the week ending April 3. (4) Liquefied natural gas (LNG) exports remained strong, with average gas flows to the nine major export plants rising to 18.9 billion cubic feet per day since April, up from 18.6 billion cubic feet per day in March. Although the Iranian attack on Qatari facilities temporarily disrupted about 20% of global LNG supply, record US exports partially offset the global shortfall, and the market repriced geopolitical risk premiums after the ceasefire.
