Adds latest prices

By Scott DiSavino

May 15 (Reuters) -U.S. natural gas futures climbed about 3% to a 15-week high on Wednesday on a drop in output, a rise in feedgas to liquefied natural gas (LNG) export plantssinceFreeport LNG returned to full service, andforecasts for warmer weather over the next two weeks than previously expected.

The warmer weathershould boost the amount of gas power generators burn to produce electricity to keep air conditioners humming.

Traders said the futures priceincrease was kept in check by the tremendous oversupply of gas still in storage. Analysts forecast gas stockpiles were about 31% above normal levels for this time of year. EIA/GAS NGAS/POLL

Front-month gas futures NGc1 for June delivery on the New York Mercantile Exchange rose 7.2 cents, or 3.1%, to settle at $2.416 per million British thermal units (mmBtu), theirhighest close since Jan. 29.

That kept the front-month in technically overbought territory for a ninth day in a row for the first time since April 2022.

SUPPLY AND DEMAND

Financial firm LSEG said gas output in the Lower 48 U.S. states fell to an average of 97.1 billion cubic feet per day (bcfd) so far in May, down from 98.2 bcfd in April. That compares with a monthly record high of 105.5 bcfd in December 2023.

On a daily basis, output dropped by around 3.0 bcfd over the past three days to a preliminary 17-week low of 95.2 bcfd on Wednesday.

That put U.S. gas production down about 10% so far in 2024 after several energy firms, including EQT EQT.N and Chesapeake Energy CHK.O, delayed well completions and cut back on other drilling activities after prices fell to 3-1/2-year lows in February and March.

EQT is the biggest U.S. gas producer and Chesapeake is on track to become the biggest producer after its merger with Southwestern Energy SWN.N.

Meteorologists projected weather across the Lower 48 states would turn from near normal now to warmer than normal levels from May 18-30.

LSEG forecast gas demand in the Lower 48, including exports, would rise from 92.4 bcfd this week to 92.7 bcfd next week. The forecast for this week was higher than LSEG's outlook on Tuesday.

Gas flows to the seven big U.S. LNG export plants rose from an average of 11.9 bcfd in April to 12.6 bcfd so far in May with the return to full service of Freeport LNG's 2.1-bcfd export plant in Texas. That compares with a monthly record high of 14.7 bcfd in December.

But on a daily basis, LNG feedgas was on track to hold at 12.4 bcfd for a second day on Wednesday as flows to Freeport remain at an 11-month high of 2.1 bcfd for a third day because flows to Cheniere Energy's LNG.N Sabine Pass in Louisiana fell to a seven-month low of 3.8 bcfd.

Reporting by Scott DiSavino; Editing by Nick Zieminski and Leslie Adler

For gas data on LSEG's Eikon type ENERGY in the search bar and then go to the GAS drop down and the NORTH AMERICA drop down.

For Interactive Map, type 'Interactive Map' in the box at upper left of the Eikon terminal

For graphics on Baker Hughes rig counts, see: http://graphics.thomsonreuters.com/15/rigcount/index.html

For next-day SNL U.S. gas prices, see: 0#SNL-NG

For next-day SNL U.S. power prices, see: 0#SNL-PWR

For U.S. natgas price and storage polls, see: NGAS/POLL

For U.S. nuclear power outages, see: NUKE/

For U.S. Northwest hydro power report, see: NWRFC

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

For the U.S. natural gas speed guide, see: USGAS

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

To determine CFTC managed money net position add (NYMEX Henry Hub options and futures combined 3023651MNET) plus (ICE Henry Hub options and futures combined 3023391MNET divided by four) plus (NYMEX Henry Hub swaps options and futures combined 303565BMNET divided by four) plus (NYMEX Henry Hub penultimate gas swaps 303565CMNET divided by four)

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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NYMEX Henry Hub Penultimate gas swaps 0#3CFTC03565C