Natural Gas Prices Moderate as Milder Winter Forecasts Limit Heating Demand

Storage Satiation and Production

U.S. dry gas production continues to increase, led by the Permian region. With storage inventories comfortable and weather-driven demand underperforming, the Henry Hub spot price is expected to average just under $3.50 for the 2026 year.

LNG Export Floor

The long-term floor for natural gas is being supported by the ramp-up of new LNG export facilities like Plaquemines and Golden Pass. These exports are projected to grow by 9% in 2026, providing a permanent structural pull for US gas even during warm winters.