• Natural gas futures firmed last week, led by the front of the curve. The newly prompt October 2026 NYMEX contract gained $0.08 to $2.89 per MMBtu, while Winter 2026–27 added $0.04 to $3.40.
• The EIA reported a 15-Bcf storage build, lifting inventories to 3,184 Bcf. The surplus to the five-year average narrowed to 167 Bcf, while stocks remain 30 Bcf below year-ago levels.
• Another round of widespread heat is expected to start September, with the strong anomalies expanding into the Midwest and East.
• ERCOT and CAISO load remained firm, supporting the highest real-time pricing of the summer in both markets. PJM could face a coincident-peak event as heat ramps up early this week.
