April Nymex natural gas closed Monday at $3.12, down $0.066 (-2.07%), after reaching a five-week high earlier in the day. This dip follows a sharp rise in crude oil prices, which surged over 10% due to military actions in Iran but later reeled back after the G-7 indicated readiness to release strategic oil reserves.
In the U.S., dry natural gas production was reported at 113.6 billion cubic feet per day (bcf/day), up 6.4% year-over-year, while gas demand fell to 77.6 bcf/day, a decline of 17.4% year-over-year. The projected increase in U.S. natural gas production could exert downward pressure on prices, with the EIA forecasting production in 2026 to reach 109.97 bcf/day. Conversely, natural gas inventories showed a larger draw than expected, dropping by 132 bcf, indicating relatively normal supply levels.
