US natural gas futures fell to $3.33/MMBtu after Monday’s 7.6% surge, which had been driven by record flows to LNG export plants and forecasts for colder weather boosting heating demand. Production in the Lower 48 states eased slightly, averaging 109.4 bcfd in January so far, down from December’s record 109.7 bcfd. Weather models show colder-than-normal conditions across much of the US through January 28, with the coldest period expected around January 18-20, supporting near-term demand. Meanwhile, LNG exports remain at record levels, averaging 18.8 bcfd so far this month. Daily flows hit an all-time high of 19.5 bcfd on Monday, led by 2.6 bcfd to Cheniere Energy’s Corpus Christi plant, surpassing the previous record set in early December.
