Natural Gas & Oil
June '26 NYMEX NatGas Trading range today: $2.81 to $2.92.
Natgas prices settled down after this morning's slight rally.
Mild weather that led to weaker than usual demand allowed larger than normal injections to start Shoulder Season before reduced production hindered bearish injections.
Crude prices fell below $102 today, snapping a 3-day rally.
Inventories fell by 4.3MM barrels last week, nearly double what the market anticipated.
EIA expects the SoH to remain shut through the end of May.
LNG
Capacity grew by 0.9Bcf/D in April thanks to the addition of GP LNG Train 1.
CC Train 6 is expected to come online later this summer, adding 0.2Bcf/D being exported.
Maintenance Season for LNG terminals are expected to conclude by mid-June.
Power
Solar power is projected to supply the largest increase in power generation, rising 21% in both 2026 & 2027, following the addition of almost 70GW of new capacity.
Natgas power gen is expected to remain flat in 2026 while Coal is expected to fall 9%.
Today's Drivers
The Bears – ($2.60 to $1.90 range) – Shoulder Season demand is still weak, LNG maintenance season continues.
The Bulls – ($2.95 to $3.25 range) – LNG exports, hot from the SW to the SE, next few storage injections could fall short.
Today's Special – Fragile Market
Traders keep backing off rallies of late because inventories appear to be comfortable and bullish weather has been fading quickly.
They'll soon find bravery to go longer out on their positions as soon as summer demand kicks in, limiting market downside.
And if summer heat doesn't show up, expect their indecisiveness to push prices down.
Our Nightcap Beats Their Recap