Natural gas futures regained bullish momentum this week as the June contract expired near $3.04 per MMBtu and July continued higher after rolling onto the front of the curve. While near-term forecasts still lack major heat across key demand centers, normal temperatures are rising quickly into summer, LNG maintenance appears to be easing, and power generation demand is expected to strengthen in the weeks ahead. Meanwhile, storage inventories continue to lose ground to last year, and Pinebrook’s supply-and-demand outlook points to growing risk that stocks could fall below both 2025 levels and the five-year average before winter.
