US natural gas futures were little changed at $3.45 per million British thermal units on Thursday, as traders awaited the weekly EIA storage report and weighed strong LNG demand against milder weather forecasts. Analysts expect heavy withdrawals during last week’s Arctic blast to have shifted inventories from about 5% above normal to roughly 1% below normal for this time of year, tightening supply. Gas flows to the eight largest US LNG export plants averaged 18.3 bcfd so far in February, up from 17.8 bcfd in January and near December’s record 18.5 bcfd, reflecting strong global demand for US gas. The US became the world’s largest LNG exporter in 2023 amid supply disruptions following Russia’s 2022 invasion of Ukraine. Weather is expected to turn mostly warmer nationwide through February 19, though the Northeast will remain colder for another week. Production in the Lower 48 edged up to 106.4 bcfd but remains below December’s record levels.
