US Natural Gas Update: Prices Hit 2-Week High on Lower Output, Robust LNG

-- US natural gas futures rose to their highest level in two weeks in midday Wednesday trading, supported by declining domestic production and robust liquefied natural gas feedgas flows.

Both the front-month Henry Hub contract and the continuous contract gained 1.08% to $2.73 per million British thermal units.

The market found additional support from a cooler late-April weather outlook.

According to the Wall Street Journal, citing EBW Analytics' Eli Rubin, daily heating demand is expected to bottom out on Thursday before adding roughly 5 billion cubic feet per day into early May.

Rubin also pointed to weaker weekly production readings and record LNG feedgas as key bullish drivers, though he cautioned that elevated storage surpluses could limit any sustained upside and make recent gains short-lived.

US output has fallen by about 3.9 Bcf/d over the past 15 days, reaching an 11-week low of 108.2 Bcf/d on Tuesday, according to Trading Economics. NRG Energy expects production to remain broadly steady near current levels.

On the demand side, LNG exports remain strong. Trading Economics said feedgas flows rose to 18.9 Bcf/d in April and are on pace to set a new monthly record, with NRG projecting export flows to hold near 19 Bcf/d.

Attention now turns to Thursday's US Energy Information Administration storage report. NRG Energy forecasts a 95 Bcf inventory build, above both last year's comparable week and the five-year average, signaling continued structural surplus despite recent tightening in daily balances.

Research Alert: CFRA Maintains Hold Opinion On Shares Of Cleveland-cliffs Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target by $2 to $10, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, below CLF's three-year avg. fwd EV/EBITDA of 8.6x and below peers' avg. of 8.8x. We keep our 2026 estimate at a loss per share of $0.39 and we lower our 2027 EPS forecast by $0.26 to $0.55. We forecast sequential improvement through 2026 as trade enforcement supports domestic steel pricing and demand strengthens, particularly in automotive. We anticipate positive free cash flow generation starting in Q2 2026, with Q3 representing the company's full earnings power given minimal outages. Key tailwinds include steel import volumes at post-financial crisis lows, aluminum-to-steel substitution gaining momentum across automotive and other sectors, and extended lead times reflecting healthy market conditions. However, we remain cautious on CLF's elevated leverage (net debt of $7.7 billion) and execution risk on the pending POSCO transaction. We think a Hold rating is appropriate until CLF demonstrates sustained EBITDA growth.

$CLF

Intel Posted Solid Q1 Results, but Recovery Already Priced Into the Stock, BofA Says

Intel (INTC) posted solid Q1 results, but the company's recovery is well-priced into the stock, and the foundry segment must prove to external clients amid diversification away from Taiwan Semiconductor Manufacturing (TSM), BofA Securities said in a Friday research report.Limited memory supply is a challenge to server hardware shipments, while new foundry deal wins will need more capex, pushing out breakeven beyond the end of 2027, according to the note.The brokerage said it raised its 2026, 2027, and 2028 EPS forecast to $1.04, 1.58, and $2.25, respectively, from $0.63, $1.14, and $1.50 earlier.Despite near-term benefits from rising demand for server central processing units, rival Advanced Micro Devices (AMD) likely has a better x86 server CPU product, analysts wrote.The brokerage said it reiterated its underperform rating on the stock and adjusted its price target to $56 per share from $48.Price: $82.20, Change: $+15.42, Percent Change: +23.09%

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JPMorgan Adjusts Invesco Price Target to $25 From $30, Maintains Neutral Rating

Invesco (IVZ) has an average rating of overweight and mean price target of $26.82, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $25.47, Change: $+0.09, Percent Change: +0.37%

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