Natural Gas Prices Attempt Technical Bounce as Selling Exhaustion Prevails

Thermal Demand Capitulation

The 2025-2026 heating season is effectively over. The market is now shifting its focus to industrial power burn and spring storage replenishment, with high storage levels acting as a significant price ceiling.

LNG Feedgas Strength

Feedgas flows to US LNG export terminals remain at record highs. This structural demand is the only major factor preventing a move toward the sub-$2.00 range seen in previous warm-winter anomalies.