What will Natural Gas (NG) hit in August 2026?
Abundant U.S. supply and elevated storage inventories continue to anchor Henry Hub natural gas prices near $2.75 per MMBtu as of late August 2026, limiting upside despite record summer heat boosting power-sector demand. Lower-48 dry gas production exceeds 110 Bcf/d, outpacing consumption growth, while EIA data show inventories tracking well above the five-year average and on pace for a record 3,985 Bcf end-of-October level. Recent LNG terminal maintenance has tempered export feedgas demand, further easing near-term pressure. Futures through September remain below $3.00, reflecting trader consensus that structural oversupply will dominate seasonal weather support through month-end. Key near-term variables include continued heat-driven power burn and any acceleration in export flows.