-- US natural gas futures were down on Thursday, hovering near its lowest level since October 2024, ahead of the weekly storage data later in the day, which is expected to be bearish.
Both the front-month Henry Hub contract and the continuous contract declined 0.11% to $2.60 per million British thermal units.
According to forecasts, Thursday's weekly report from the US Energy Information Administration is expected to show a net injection of 83 billion cubic feet into storage. While this marks a decline from the 103 Bcf injection last week, it is above the five-year average of 76 Bcf according to data compiled by Investing.com.
US LNG feedgas flows to export terminals have softened in recent weeks, with Thursday's estimates at 18.57 Bcf, compared to the 30-day moving average of 19.68 Bcf, according to Bloomberg's LNG Feedgas Model.
The Golden Pass LNG Project in Texas shipped its first cargo earlier this week, with more capacity set to come online over the next few months, which should help support prices.
Weather forecasts, however, have turned bullish, with nearly two-thirds of the country, across the northern and eastern regions, expected to see below-normal temperatures from May 07 to May 13, according to the National Weather Service.