Natural Gas Market Talk | 07.18.2025

U.S. gas futures rebounded after three straight weeks of losses, buoyed by a looming heat wave expected to drive peak summer demand—particularly across Texas and the South Central region. LNG exports hit the highest levels of the season, with new capacity at Plaquemines ramping up faster than expected. Storage continues trending above the five-year average, though the pace of injections may slow in the face of sustained heat. While near-term prices have stabilized, the forward curve is still pricing in structural risk for 2026 amid stagnant production and growing export demand.