Natural gas futures are trading near $3.14–$3.19 per MMBtu as of October 12, 2026, with November contracts showing modest volatility around the $3.15–$3.25 range amid shoulder-season conditions. Ample U.S. storage at roughly 3,500 Bcf—above the five-year average—combined with record Lower-48 production exceeding 111 Bcf per day and elevated LNG export flows, continues to anchor domestic prices despite Middle East supply disruptions supporting global benchmarks like TTF and JKM. Warm weather forecasts are capping near-term demand, while the EIA’s latest outlook projects Henry Hub averaging $3.48 for 2026 before easing further in 2027. Traders are monitoring the next weekly storage injection, any revisions to winter demand models, and potential shifts in Gulf output for near-term directional cues.