US Natgas Prices Extend Losses
US natural gas futures fell toward $3.8/MMBtu on Tuesday, extending a 1.4% decline on Monday, driven by fewer freeze-offs and a decline in gas flows to the Freeport LNG export plant in Texas. Flows to Freeport LNG were on track to reach a one-month low, typically signaling reduced demand for gas. The decline came even as forecasts for colder weather and higher heating demand loomed. Meanwhile, storage withdrawals in January are expected to be substantial, possibly surpassing the 2022 record of 994 billion cubic feet, which could erase the current surplus and drive stockpiles below the five-year average.