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This is your Natural Gas podcast.
Hey everyone, welcome back to Daily Natural Gas Price Tracker. I'm your host Vanessa Clark, and we've got some important developments to cover in the natural gas market today.
As of yesterday, April 28th, natural gas futures were trading around 2.66 to 2.67 per MMBtu, marking prices near their lowest level in about eighteen months. We're hovering close to levels we haven't seen since October 2024, and there are some really interesting factors driving this decline.
The main story here is that we've got a perfect storm of mild weather and rising storage levels. Above-normal spring temperatures have really cut into heating demand, and that's allowed storage levels to climb to about eight percent above seasonal norms. The EIA reported a massive 103 billion cubic feet injection into storage for the week ended April 17th, which was actually higher than market expectations. Total working gas in storage is now at 2,063 billion cubic feet, sitting about seven and a half percent above this time last year.
On the supply side, we're seeing some interesting dynamics. Daily production has actually started to ease in April, dropping 3.8 billion cubic feet per day over the past three weeks to hit a preliminary twelve-week low of 108.3 billion cubic feet daily. That's because low prices have prompted major producers like EQT to scale back their output. However, LNG export feedgas has climbed to 18.9 billion cubic feet per day so far this month, surpassing previous monthly records.
Now here's where it gets really interesting internationally. While Henry Hub prices have fallen nine percent since late February, international LNG prices are actually soaring. European TTF prices hit 14.80 per MMBtu, that's thirty-five percent higher than before a recent Strait of Hormuz closure. In East Asia, the Japan-Korea Marker jumped fifty-one percent to 16.02 per MMBtu over the same period.
Looking ahead, we've got about 2.4 billion cubic feet per day of new DOE-authorized export capacity coming online between April and December 2026, which could eventually support higher domestic prices. But for now, the combination of ample storage and mild weather forecasts through early May is keeping a lid on Henry Hub prices.
Thanks so much for tuning in to Daily Natural Gas Price Tracker. Be sure to subscribe and join us next time for the latest updates on natural gas markets.
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