The natural gas market gave back early-week gains as the first major heat wave of the season faded and near-term forecasts turned less threatening. Power generation demand briefly surged to unusually strong levels for mid-May, but futures weakened into the holiday weekend, with prompt-month gas falling back below $3.00 and Winter 2026-27 pricing pressing to fresh four-year lows. Underlying risks remain, with production still moving sideways, Canadian imports lower than last year, LNG exports temporarily reduced by maintenance but likely to rebound, and storage inventories continuing to lose ground versus year-ago levels.
