DW Energy Group sees above-average U.S. natural gas storage heading into winter 2026
UNG•U.S. natural gas storage is forecast to reach 3,850 billion cubic feet by the end of October, 2% above the five-year average. Henry Hub prices are forecast to average $3.48 per million British thermal units, then ease to $3.16 in 2027.
1. Storage and price outlook
U.S. natural gas enters winter 2026 with above-average inventories, though rising liquefied natural gas exports could tighten the supply-demand balance. First-half LNG exports rose 23% year over year, supported by new capacity and terminal expansions. Prolonged cold could accelerate storage withdrawals, while weather-driven supply disruptions could increase price volatility.
