Natural gas futures are set to finish the week roughly flat after several days of choppy trading. Near-term weather remains a headwind, with cooler-than-normal temperatures expected across most of the eastern U.S. Meanwhile, storage continues to climb rapidly—last week’s 120-Bcf injection was the fifth largest since 2010 and far exceeded historical benchmarks. Despite the bearish tilt in weather and storage, underlying fundamentals remain constructive: production is still ahead of last year but not showing any recent growth, LNG exports are running well above 2024 levels, and pipeline exports to Mexico just reached new record highs.
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