
US natural gas futures fell about 2% on Friday to settle at $2.898/MMBtu on rising output and forecasts for milder weather and lower demand. The March-April 2027 spread fell to a record low near 5 cents, signaling limited concern about winter supply.
Higher output and milder forecasts reduce near-term demand for gas, a bearish signal for US natural gas prices that feeds into power and fertilizer input costs.
After 104 past bearish weather events, Natural Gas moved a median -7.8% over 5 sessions (22% higher; middle half -14.8% to -0.8%), and -3.3% 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.