Record U.S. natural gas production near 111 Bcf/d and elevated storage inventories—now at 3,153 Bcf as of August 7, 2026, or 6.7% above the five-year average—are anchoring Henry Hub prices near $2.70–$2.80/MMBtu for the August 2026 contract. Ample supply outweighs near-term demand support from above-normal summer temperatures boosting power-sector cooling loads, while near-term LNG feedgas demand has eased. Futures through September 2026 remain below $3.00/MMBtu, reflecting trader consensus on persistent oversupply. Key catalysts ahead include weekly EIA storage reports, weather shifts that could alter injection rates, and the trajectory of expanding LNG export capacity into 2027, which may tighten balances later in the year.