Natural Gas Update March 30,2026

Overview

Natural Gas--NG is down 11.9 cents at $2.906
NG started the Sunday night session printing up 3.2 cents at 3.057, which is the high for the session---in line with the higher energy complex opening--but within 2 minutes of the opening, the NG price fell to the session low of 2.851, as the weak shoulder season weather pattern overall in the US is outweighing the strong LNG feedgas demand and the global LNG supply disruptions from the Mideast and Australia.

Storm damage to Chevron Corp.’s Wheatstone gas plant is hampering efforts to restart operations and the facility won’t be back online fully for “a number of weeks,” the company said Sunday. The facility accounted for 2.4% of global LNG trade in February, shipping 11 cargoes — of which 10 went to Japan and one to Thailand, according to advisory EnergyQuest. Wheatstone was one of three LNG plants in Western Australia that had their output curbed by Tropical Cyclone Narelle late last week. Woodside Energy Group Ltd. said Sunday it’s working to resume normal operations at its North West Shelf facility, while Chevron said its Gorgon site was operating at “full rates” after an outage at one of its three production units. (Bloomberg)

Celsius Energy writes: LNG feedgas demand reached 19.48 BCF/d Saturday, up +3.2 BCF/d vs 2025 and within 0.01 BCF/d of the all-time high set on January 12. Expect new highs soon and expect the year-over-year gain--which has been quite stable--to widen in the weeks & months ahead as some seasonal maintenance is delayed due to the Middle East crisis.

The Baker Hughes gas rig count fell by 4 units in Friday's report, falling to their lowest level since the week of January 30. The Permian and Marcellus basins saw reductions of 2 units each. The Marcellus Basin is overwhelmingly focused on natural gas production, not crude oil. (Reuters)

CFTC data seen Friday showed money managers added to their net short position in NG futures/options on the CME in the week ended Tuesday March 24. The net short position rose by 9,930 contracts to a total of 54,529 contracts.

April NG futures expired Friday with a firm tone, with the front spread rising to its best premium value for the contract. The high for April over May was 8.2 cents. The April settlement was 7.1 cents over May. April's firm tone was said to be due to some short covering and weather forecasts that added some heating demand. (Barchart) Other reasons cited were the global LNG disruptions and the strong EIA storage data seen Thursday. 

Technically momentum is positive for the NG May futures basis the DC and daily charts. Support for the May futures lies at the recent low at 2.807. Resistance comes in at the double top from Friday/today at 3.060/3.057.

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