Natural gas is range-bound in the near term. Front-month futures are around $3.22/MMBtu, and the Henry Hub strip through the end of 2026 averages about $3.26/MMBtu.
The curve is not flat. December 2026 above $4 shows the market still prices winter risk, even though current storage is comfortable.
The $3.00 level is the near-term floor if injections stay large. The $3.25-$3.50 area becomes more important if weather forecasts turn hotter or LNG feedgas recovers.
For procurement, the band gives a simple rule: hedge more when prices sit near the lower end and preserve flexibility when weather headlines push prices toward the upper end.
Use $3.00-$3.25/MMBtu as the near-term hedge band. Add coverage on weakness, but keep optionality for heat-driven spikes.