Natural Gas Update April 16,2026

Overview

Natural Gas--NG is up 0.5 cents at $2.615 
NG futures are near unchanged with momentum basis the May NG daily and DC charts turning upward from an oversold condition and with today's price action showing a 2nd day in a row of higher lows. Although words being used to describe the NG market are "rangebound" and "languish". Today's EIA gas storage number is seen as mildly bearish as the surplus to the 5 year average is seen widening.

Today's EIA gas storage data is forecast to show a build of 51 BCF, as per WSJ & Reuters surveys. This compares to last year's build of 22 BCF and the 5 year average build of 38 BCF.

On Wednesday, NGI’s Spot Gas National Average dropped by 22.5 cents to $1.245/MMBtu, per NGI’s MidDay Price Alert, while the Henry Hub next day cash price dropped by 3.5 cents to $2.750.

U.S. LNG exports are consistently flowing through the Panama Canal for the first time in five months as Asia seeks more spot cargoes. Since early March, at least 1 U.S. cargo a week has been shipped through the route, according to Kpler data. (NGI) "JKM continues to trade at a premium to TTF, so we should be seeing cargoes being redirected towards Asia.", ING writes.

After averaging around 22.3 BCF/d since mid-March, residential and commercial natural gas demand is expected to fall to 16.8 BCF/d in the coming seven days, according to Wood Mackenzie. Demand has been trending below last year’s levels since the beginning of the year. Meanwhile, LNG feed gas demand has recovered from slight dips at the end of March and is seen averaging 19.4 BCF/d during the next week, according to the firm. Feed gas nominations are around 3.4 BCF/d higher than during the same period in 2025. (NGI)

Support for the spot NG futures lies at 2.569-2.570 and then at 2.514-2.516. Resistance comes in at 2.722-2.723 and then at 2.795-2.796.

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