US Natgas Prices Jump 3% Amid Output Decline and Record Negative Waha Prices
US natural gas futures rose by about 3% to reach their highest level in a week, despite forecasts for reduced demand next week and high storage levels.
The price increase was largely due to a decline in output over the past few weeks, with average production in the Lower 48 states holding steady at 109.6 billion cubic feet per day (bcfd) so far in May.
However, analysts noted that recent output declines coupled with higher demand from near-normal weather have reduced the inventory surplus to around 6% above normal during the week ended May 7.
The cash market at the Waha Hub in West Texas has remained in negative territory for a record 66 days, with prices averaging $2.29 per mmBtu so far this year compared to a positive $1.15 in 2025 and a positive $2.88 over the past five years.