• Natural gas futures continued to bounce back and forth last week, with the September 2026 NYMEX contract gaining $0.07 to $2.73 per MMBtu. Winter 2026–27 slipped $0.02 to $3.41.
• The EIA reported a 16-Bcf storage build, lifting inventories to 3,169 Bcf. The surplus to the five-year average narrowed to 185 Bcf, while stocks remained virtually in line with year-ago levels.
• Dry gas production increased to 112.6 Bcf per day, extending the recent move higher and nearing all-time highs.
• ERCOT continued to handle record-level summer demand without meaningful system stress, helping push forward pricing lower as the market reprices Texas scarcity risk.
