New York, April 2, 2026, 3:14 PM EDT
Natural gas futures in the U.S. stuck close to $2.80 per mmBtu on Thursday at Henry Hub, as prices failed to catch a bid after storage numbers came in just a bit above forecasts—another reminder of slack in the domestic market.
This is notable: U.S. gas continues to shrug off oil’s latest surge. Crude spiked on renewed Middle East tensions, but according to the Energy Information Administration, American gas prices are likely to remain buffered. Export terminals were already operating near capacity before the conflict began impacting LNG shipments in the area.
Working gas in storage climbed by 36 billion cubic feet for the week ending March 27. That topped market forecasts, which were closer to 34 Bcf, according to Tom Pawlicki, senior market intelligence specialist at StoneX. The increase pushed the surplus to the five-year average up to 54 Bcf, with inventories now sitting 96 Bcf higher than this time last year.
The report arrived with markets already sliding. Earlier Wednesday, Reuters noted futures touched a six-month low, with unseasonably warm weather slashing heating demand—traders were also positioned for yet another storage build.
The picture outside the U.S. has shifted sharply. American LNG exports surged to a record 11.7 million metric tons in March, even as an outage in Qatar sidelined almost 20% of global LNG supply. Europe continued to absorb the bulk of U.S. cargoes, but flows to Asia more than doubled from February.
Still, export gains haven’t narrowed the U.S. balance enough to send Henry Hub prices surging. The EIA’s latest monthly outlook puts its 2026 Henry Hub forecast at just below $3.80 per mmBtu, citing extra gas left in storage after a mild February and saying immediate export boosts are capped by plants already running close to full tilt.
On Thursday, Cheniere Energy’s Sabine Pass terminal in Louisiana ran into a snag—a single production line outage, dropping gas intake to 2.6 billion cubic feet per day. Meanwhile, QatarEnergy and Exxon Mobil’s Golden Pass project, along with Cheniere’s Corpus Christi Train 5, are picking up speed, signalling a stronger export draw later this year.
Last month, Cheniere CEO Jack Fusco emphasized the need for the company to stay “safe and reliable” as global buyers ramped up requests for U.S. cargoes. On the home front, disruptions at key LNG plants can swiftly reduce domestic gas demand. Reuters
The equation could flip in a hurry. If Golden Pass and Corpus Christi accelerate, more gas gets diverted to export terminals. On the other hand, extended maintenance at Sabine Pass or another stretch of mild weather would leave extra supply stateside, weighing on prices.
Supply isn’t giving much relief to prices. Baker Hughes counted three more gas rigs this week, bringing the total up to 130. The EIA, for its part, projects U.S. gas output climbing from a record 107.7 billion cubic feet per day in 2025 to 109.5 billion by 2026.
