The Energy Buyer's Guide | 02.23.2026

Natural gas continues to drift lower amid quiet trading.

- Natural gas futures traded sideways with a slight downward bias, as the prompt-month contract repeatedly tested but held technical support near $3.00 per MMBtu amid fading winter risk.

- A 144-Bcf storage withdrawal narrowed deficits to year-ago and five-year benchmarks, with end-of-season projections rising toward 1.8–1.9 Tcf.

- Domestic demand declined sharply week over week as heating needs eased, while dry gas production held near 112 Bcf per day and LNG feedgas volumes remained strong with signs of increased flows at Golden Pass.

- Spot natural gas and real-time power prices continued to unwind across most major regions, reflecting mild conditions, and a transition toward shoulder-season fundamentals.