US natural gas futures fell more than 2% to $2.0/MMBtu, the lowest since April 2023 amid the gradual increase in production after gas wells resumed operations following the severe cold in mid-January.

Furthermore, the forecasted demand for this week seems lower than previously expected.

Meteorological predictions indicate that temperatures will remain above average until February 13, returning to normal levels from February 15-21.

Simultaneously, gas supply to the country’s LNG export facilities remains restricted due to technical difficulties at Freeport LNG’s Texas export plant.

US LNG feedgas is unlikely to return to record levels until mid-February when Freeport is expected to regain full power.