US natural gas futures rose to $3.17 per MMBtu on Tuesday after two consecutive sessions of losses, supported by near-record LNG export flows that boosted demand.

Average gas flows to the eight major US LNG export plants climbed to 18.5 bcfd so far in February from 17.8 bcfd in January, matching the monthly record set in December and tightening domestic supply.

However, prices remain close to their lowest since January 16 as forecasts point to warmer weather and lower heating demand over the next two weeks.

Production has also increased, with Lower 48 output rising to about 107.4 bcfd so far in February from 106.3 bcfd in January.

Recent Arctic weather drove a record 360 bcf storage withdrawal and pushed inventories to around 1% below normal, with continued cold likely widening the deficit to about 6% below seasonal averages.

However, milder temperatures expected through late February could reduce the storage deficit by March.
Source: Trading Economics