# US natgas prices slump after mild winter leaves big surplus | Reuters

> US natural gas futures slumped after a mild winter left a large seasonal surplus in storage. Front-month futures fell to $2.15 per MMBtu on March 23, near the lowest inflation-adjusted levels since 1990.

- Date: 2023-03-24 · published 2023-03-24T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/37027-us-natgas-prices-slump-after-mild-winter-leaves-big-surplus-reuters
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Urea](https://feedsoft.ai/c/UREA.md)

## Why it matters

Abundant gas supply and weak heating demand push down energy costs for feed processors and fertilizer producers, while lower gas prices reduce ammonia and urea production costs.

## Read by commodity

- UREA: bearish ▼
- NATGAS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2025-11-13 | [LNG prices will drop in 2026 to absorb supply surge, but how much? \| Reuters](https://feedsoft.ai/events/22129-lng-prices-will-drop-in-2026-to-absorb-supply-surge-but-how-much-reuters.md) | +4.8% | +6.2% |
| NATGAS | 2024-04-24 | [Pressure on gas and LNG prices to help switch from coal, says J.P. Morgan \| Reuters](https://feedsoft.ai/events/30918-pressure-on-gas-and-lng-prices-to-help-switch-from-coal-says-j-p-morgan-reuters.md) | +7.7% | +52.8% |
| NATGAS | 2026-01-21 | [Global LNG supply set to jump in 2026, limiting prices and spurring demand \| Reuters](https://feedsoft.ai/events/21223-global-lng-supply-set-to-jump-in-2026-limiting-prices-and-spurring-demand.md) | +176.6% | -24.2% |
| NATGAS | 2020-05-12 | [U.S. natgas futures slide as mild weather and coronavirus cuts demand \| Financial Post](https://feedsoft.ai/events/10439-u-s-natgas-futures-slide-as-mild-weather-and-coronavirus-cuts-demand-financial.md) | +0.8% | -2.2% |
| NATGAS | 2020-10-06 | [Lower gas prices to benefit urea producers, reduce subsidy needs: Icra, ETEnergyworld](https://feedsoft.ai/events/50947-lower-gas-prices-to-benefit-urea-producers-reduce-subsidy-needs-icra.md) | +15.1% | +39.9% |
| UREA | 2026-06-23 | [Natural gas: Lower TTF path but winter risks – Rabobank](https://feedsoft.ai/events/18990-natural-gas-lower-ttf-path-but-winter-risks-rabobank.md) | -2.1% | -1.4% |
| UREA | 2026-10-23 | [U.S. Natural Gas Futures Fall on Mild Near-Term Weather - WSJ](https://feedsoft.ai/events/626-u-s-natural-gas-futures-fall-on-mild-near-term-weather-wsj.md) | -0.1% | — |
| UREA | 2023-03-20 | [Global Natural Gas Prices Keep Falling as Demand Weakens, Banking Crisis Weighs on Markets – LNG Recap](https://feedsoft.ai/events/37032-global-natural-gas-prices-keep-falling-as-demand-weakens-banking-crisis-weighs.md) | +0.3% | +13.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/us-natgas-prices-slump-after-mild-winter-leaves-big-surplus-kemp-2023-03-24/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.