The contract settled at $2.750 after trading between $2.883 and $2.676, even as the EIA reported a 63 Bcf storage injection for the week ended 1 May.
Prices briefly bounced on short covering because the build was below expectations and the five-year average, but near-record Lower-48 output around 110 Bcf per day and weak spring demand capped rallies.
Reduced feedgas flows to about 17.7 Bcf per day during Gulf Coast LNG maintenance added to domestic oversupply, though analysts say tighter global LNG supply and any sustained heat could later support prices.
With global LNG supply in crisis, why are U.S. gas prices so low and what could finally ignite a major rally?
Will U.S. LNG become a prized global asset or a multi-billion dollar surplus stranded by cheaper renewable energy?