US Natural Gas Extends Gains on Lower Output, Oil Decoupling

An LNG tanker docked at Cheniere's Sabine Pass export terminal in Cameron, Louisiana, US.Photographer: Callaghan O'Hare/Bloomberg

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By Julian Hast

April 17, 2026 at 1:42 PM UTC

Updated on

April 17, 2026 at 7:03 PM UTC

US natural gas futures ended higher for a third day, erasing earlier losses triggered by falling oil prices as gas producers continue to scale back supply in anticipation of lower weather-related demand. Traders also bought back US gas contracts at a discount after Iran’s foreign minister saying the Strait of Hormuz was “completely open” caused immediate financial outflows from baskets of energy products.

The tandem price move earlier between US gas, European gas and oil happened despite near-term supply and demand for US gas remaining fundamentally unaffected by such geopolitical developments.