Natural gas remains range-bound in shoulder season, with May expiring near $2.56 and June taking over with modest strength after a slightly tighter 79 Bcf storage build. Cooler-than-normal weather is limiting early cooling demand and keeping overall consumption soft. Production has recovered but remains beneath recent highs, while LNG exports stay strong year over year. Storage remains in a healthy surplus, though injections are beginning to tighten, and lower prices are supporting increased gas-fired generation. Near-term fundamentals are soft, but underlying tightening could become more meaningful as summer demand ramps.
