US natural gas futures hovered around $3 per MMBtu on Wednesday, holding losses from earlier in the week, as the IEA unveiled plans for an unprecedented release from strategic oil reserves. If approved, the release would surpass the 182 million barrels deployed in 2022 following Russia’s invasion of Ukraine and requires unanimous consent from member nations in a Wednesday vote. Despite the planned release, concerns persist as the world’s largest LNG export terminal remains offline and the Strait of Hormuz stays closed. Still, US natural gas prices have been relatively insulated compared to other global benchmarks, supported by ample domestic supply and LNG export capacity nearing its limit. Meanwhile, warmer-than-usual weather across much of the country through late March is expected to curb heating demand, adding downward pressure on prices.
