MNI: US Natural Gas Winter '25/'26 Preview

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Executive Summary:

• L48 Natgas market is trending long heading into winter requiring additional demand to work off excess gas in storage ahead of next summer.
• Without a colder-than-normal winter, this demand is unlikely to be realized, and the latest weather outlooks suggest the season could trend warm.
• As a result, there may be downside Henry Hub risk as forward prices are currently above historical average settlements.