
The American Gas Association reported that storage was 6.5% below the five-year average after a 37 Bcf net injection for the week ending March 21. Production stayed above 2024 levels, and Henry Hub fell below $4 per MMBtu for the first time since February 28.
LNG feedgas flows continued to set records despite China halting US LNG imports.
Narrowing storage deficits and high output point to softer gas prices into April, which eases fertilizer and energy input costs. Export demand from LNG is the main offset.
After 62 past bearish report events, Natural Gas moved a median -3.0% over 5 sessions (42% higher; middle half -7.6% to +4.6%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.