Natural Gas Prices Attempt Technical Bounce as Oversold Conditions Prevail

Thermal Demand Capitulation

The 2025-2026 heating season is effectively over due to unseasonably warm weather forecasts. The market is now shifting its focus to power burn and spring injection levels, with high storage levels acting as a long-term price ceiling.

LNG Export Performance

The record LNG export flow remains the primary anchor for the market. Without the 18.2 Bcf/d of overseas demand, prices would likely be testing the sub-$2.00 range seen in previous warm-winter anomalies.