Adds latest prices

By Scott DiSavino

Feb 12 (Reuters) - U.S. natural gas futures edged up to a two-week high on Wednesday on rising flows to liquefied natural gas $(LNG)$ export plants, a drop in daily output and forecasts for cold weather and higher-than-expected heating demand over the next two weeks.

Prices rose despite forecasts for less cold weather in late February.

Front-month gas futures NGc1 for March delivery on the New York Mercantile Exchange rose 4.6 cents, or 1.3%, to settle at $3.565 per million British thermal units (mmBtu), their highest close since January 27.

Financial firm LSEG said average gas output in the Lower 48 U.S. states rose to 105.9 billion cubic feet per day (bcfd) so far in February, up from 102.7 bcfd in January when freezing oil and gas wells and pipes, known as freeze-offs, cut production. That compares with a monthly record of 104.6 bcfd in December 2023.

But with the return of extreme cold that is again freezing wells in some parts of the country, daily output was on track to drop by 2.8 bcfd over the past six days to a preliminary two-week low of 104.0 bcfd on Tuesday. That compares with a daily record high of 106.7 bcfd on February 6. Analysts noted that preliminary data is often revised later in the day.

Meteorologists projected weather in the Lower 48 states would remain mostly colder than normal through February 23 before switching to near normal levels from February 24-27.

With mostly colder weather coming, LSEG forecasts that average gas demand in the Lower 48 states, including exports, will rise from 135.5 bcfd this week to 142.0 bcfd next week.

The amount of gas flowing to the eight big U.S. LNG export plants rose to an average of 15.2 bcfd so far in February, up from 14.6 bcfd in January. That compares with a monthly record high of 14.7 bcfd in December 2023.

On a daily basis, LNG feedgas was on track to hit 15.7 bcfd on Wednesday, up from 15.6 bcfd on Tuesday and an average of 15.1 bcfd over the prior seven days. If correct, LNG flows on Wednesday would be the highest since hitting a daily record of 15.8 bcfd on January 18.

The latest LNG feedgas high came with flows to Venture Global's VG.N 2.6-bcfd Plaquemines export plant under construction in Louisiana set to hit a record 1.4 bcfd on Tuesday and Wednesday.

The United States became the world's biggest LNG supplier in 2023, ahead of recent leaders Australia and Qatar, as much higher global prices feed demand for more exports, due in part to supply disruptions and sanctions linked to Russia's 2022 invasion of Ukraine.

Gas was trading around $17 per mmBtu at the Dutch Title Transfer Facility (TTF) TRNLTTFMc1 benchmark in Europe and at a two-month high of around $15 at the Japan Korea Marker (JKM) JKMc1 benchmark in Asia. NG/EU

(Reporting by Scott DiSavino; Editing by Richard Chang)

((scott.disavino@thomsonreuters.com; +1 332 219 1922; Reuters Messaging: scott.disavino.thomsonreuters.com@reuters.net/))

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For U.S./Canada natural gas rig count vs Henry Hub futures price, see: http://tmsnrt.rs/2eT9k44

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For the U.S. power speed guide, see: USPOWER

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NYMEX Henry Hub options and futures combined 0#3CFTC023651

NYMEX Henry Hub futures only 0#1CFTC023651

ICE Henry Hub options and futures combined 0#3CFTC023391

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