Natural gas futures traded in an unusually tight range this week, with limited volatility despite a near-term backdrop that remains broadly bearish. Mild two-week weather forecasts and a stronger-than-average 59 Bcf storage injection point to healthy spring inventory growth in the weeks ahead. However, the market appears to be finding support as U.S. production remains flat rather than growing, while LNG exports look to climb and structurally tighten the balance. That combination is creating longer-term upside risk later this summer and into next winter, even as current fundamentals remain soft.
