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- Natural Gas Update March 5, 2026
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March 5, 2026
Overview
Natural Gas--NG is 5.3 cents at $2.970
NG futures are up slightly having again tested $3 overnight. But, NG futures are struggling to rally as mild weather is set to engulf most of the US. Additionally some maintenance and issues at LNG export plants has seen feedgas demand fall in recent days.
Today's EIA gas storage data is seen as a draw of 125 BCF as per WSJ & Bloomberg surveys. This compares to last year's draw of 106 BCF and the 5 year average draw of 96 BCF.
U.S. feed gas nominations to Gulf Coast terminals have pulled back slightly over the week as disruptions at Cameron LNG and an end of elevated nominations to Golden Pass in Texas cut into overall demand. However, Wood Mackenzie estimated nominations to average 19.2 BCF/d over the next seven days, about 4 BCF/d above the year ago period. Maintenance events and shipping disruptions could see US LNG export shipments drop this week, despite the global LNG market seeing disruptions. (NGI)
The 8-14 day temperature outlook from the NOAA shows much of the Northern half of the US near normal while the Southern half will see above normal, but comfortable temperatures. As NGI says :"Heating demand for gas wavers. Overall gas demand was trending lower on widespread unseasonable warmth."
Demand for more shipping capacity and spot cargoes to Europe is triggering a shock in LNG vessel prices, especially for ships available to load U.S. LNG. The prompt average spot rate for vessels to Europe jumped $116,500 Wednesday to $278,250/day, according to Spark Commodities data. Rates for Asian shipping also rose by almost the same rate to $207,500/day.
Technically NG futures have positive momentum, but the price pattern suggests more of a trading range currently. Resistance comes in at 3.070-3.076 and then at 3.130-3.135. Support is seen at 2.910-2.912 and then at 2.818-2.826.
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Disclaimer
This article and its contents are provided for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any commodity, futures contract, option contract, or other transaction. Although any statements of fact have been obtained from and are based on sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed.
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