Natural Gas Collapses on Record Warm Spring Transition Forecasts

Heating Demand Evaporation

The sudden removal of Heating Degree Days (HDDs) from the 15-day forecast has left the market in a massive surplus. Traders are scrambling to exit remaining winter long positions as spring-like temperatures arrive early.

LNG Feedgas Support

Despite the crash, US LNG export demand remains at a record high of nearly 18 Bcf/d. This structural pull from international markets is the only factor preventing a move toward the sub-$2 range.