The natural gas market rallied again this week amid an early-season cold blast that’s the strongest late-November/early-December stretch in at least 44 years. Storage withdrawals remain modest so far, but the market is laser-focused on the next few reports, which should show very large draws, as cold looks poised to linger — or even intensify — into late December. That risk scenario, paired with LNG exports near 20 Bcf per day, has pushed not only winter pricing higher but also lifted Summer 2026 to multi-month highs as traders brace for the possibility of a materially tighter end-of-winter storage position.
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