NYMEX Henry Hub settled at $3.159/mmBtu on June 3, 2026 — recovering 25% from the April low of $2.52/mmBtu. The US natural gas market is defined by a structural oversupply that LNG export growth alone cannot absorb. L48 production reached 117.2 Bcf/d in Q1 2026 (+4% YoY) while the EIA projects 118.9 Bcf/d for the full year. Storage at 2,483 Bcf stands above the five-year average, capping upside. The EIA May STEO cut its 2026 HH forecast for the second consecutive month to $3.50/mmBtu. The 90-day outlook hinges on whether the Permian pipeline relief (4.5 Bcf/d entering service H2 2026) arrives on schedule and whether summer cooling demand sufficiently absorbs the storage surplus.
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