Natural Gas & Oil
June '26 NYMEX NatGas Trading range today: $2.77 to $2.86.
Natgas prices fell today in what looks like profit taking after hitting a 4-week high.
Traders seem to be backing off when the prompt month nears the $2.90 resistance area.
Oil prices are coming off the morning's highs as more ships are escorted through the SoH.
LNG
Natgas flows to LNG terminals have slowed to their lowest level since late Jan '26.
Seasonal maintenance on the terminals is leaving more supply for the C&I sector.
Power
The latest forecasts from S&P Global indicate US data center grid power demand will increase from 35GW to 75GW in 2026.
The data center demand can't double if the infrastructure to meet demand isn't there.
Is the market setting itself up for a glut in 2026 Q4?
Pennsylvania is looking forward after the PA House unanimously passed an advanced transmission tech bill to help the Keystone state meet the rising industrial load.
Today's Drivers
The Bears – ($2.60 to $1.90 range) – Strong solar, weak weather, production increasing.
The Bulls – ($2.95 to $3.25 range) – Growing LNG demand, smaller than normal storage injection expected Thursday, growing grid concerns, and summer demand.
Today's Special – The Bottom
Are we close to the bottom of the natgas market right now?
Basis in the West is increasing after record lows.
Summer demand is coming soon with bullish weather forecasts throughout the summer months.
Growing LNG demand seems to be preventing a deeper collapse in natgas prices right now.
We're not likely to see violent spikes in price without significant disruption to the norm.
But what's left to push prices down further?
Our Nightcap Beats Their Recap