NEW YORK: U.S. natural gas futures eased about 1% to a fresh four-month low on Tuesday on forecasts for milder weather and less heating demand next week than previously expected. On their second-to-last day as the front-month, gas futures for March delivery on the New York Mercantile Exchange fell 2.7 cents, 0.9%, to $2.958 per million British thermal units (mmBtu), putting the contract on track for its lowest close since October 16 for a second day in a row. In the cash market, average prices at the Waha Hub in West Texas remained in negative territory for a record 13th day in a row, as pipeline constraints trapped gas in the nation’s biggest oil-producing basin. Daily Waha prices first averaged below zero in 2019. They did so 17 times in 2019, six times in 2020, once in 2023, a record 49 times in 2024, 39 times in 2025, and 22 times so far this year. READ MORE: US natgas prices climb as winter storm batters US Northeast, LNG export flows near record Waha prices have averaged 62 cents per mmBtu so far this year, compared with $1.15 in 2025 and a five-year average (2021-2025) of $2.88. Supply and demand Average gas output in the Lower 48 states climbed to 108.7 billion cubic feet per day so far in February, up from 106.3 bcfd in January, according to LSEG data. That compares with a monthly record high of 109.7 bcfd in December. As utilities in the U.S. Northeast restore power following a massive winter storm earlier this week, meteorologists changed their predictions for weather across the country to mostly warmer than normal through March 11 from an earlier outlook of near normal for the next two weeks. LSEG projects average gas demand in the Lower 48 states, including exports, will slide from 138.3 bcfd this week to 128.4 bcfd next week. The forecast for this week was higher than LSEG’s outlook on Monday, while its forecast for next week was lower. There was about 6% less gas in storage than usual during the week ended February 13. Energy analysts expect that deficit to drop to just 1% less than normal during the week ended February 20 after mostly mild weather and low heating demand allowed utilities to leave more of the fuel in storage than usual for this time of year. Average gas flows to the nine large U.S. liquefied natural gas export plants rose to 18.7 bcfd so far in February, up from 17.8 bcfd in January and on track to beat December’s monthly record of 18.5 bcfd. In LNG news, QatarEnergy/Exxon Mobil’s 2.4-bcfd Golden Pass export plant under construction in Texas continued to take in more feedgas this week as it prepared to produce its first LNG. The U.S. became the world’s biggest LNG exporter in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more low-cost U.S. gas, due in part to supply disruptions and sanctions linked to Russia’s 2022 invasion of Ukraine.