Natural gas futures slipped below the $3 mark this week, with the October 2025 NYMEX contract settling near $2.95 after a larger-than-expected 71 Bcf storage build. Inventories are now just 38 Bcf under year-ago levels, effectively erasing the wide deficit seen earlier this year. Production remains robust near record highs, though slightly off August peaks, while power generation demand continues to trail 2024 levels due to milder late-summer weather, higher prices, and rising renewable output. LNG exports eased on maintenance at Sabine Pass but are expected to strengthen into cooler months. Overall, the market is leaning looser heading into fall, though risks remain especially if winter weather turns cold or production stalls.
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