Natural Gas Futures Surge on Cold Weather Forecasts and Supply Disruptions

1. Natural gas futures in the US rose over 5% to $1.75/MMBtu, rebounding from last week's 8% decline, driven by predictions of colder temperatures from March 19-26.

2. Ongoing repairs at the Freeport LNG terminal in Texas have reduced flows, expected to persist until April, while CNX Resources plans to cut well completions and gas production, contributing to a 6% drop in US gas output over the past month.
3. Despite supply disruptions, the Energy Information Administration (EIA) expects a slight decline in US natural gas production for the remainder of the year due to lower prices, while storage levels remain 37.1% above average for this time of year, despite a larger-than-expected withdrawal reported last week.
4. In response to the US market movements, MCX natural gas prices also saw an uptick today.