Natural gas is trading like a market caught between two very different realities: domestically comfortable supply and globally tightening LNG risk. Henry Hub bounced from $2.85 to $3.18 this week even as warmer weather slashed demand forecasts from ~137 Bcf/d toward ~113 Bcf/d, which tells you the real driver isn’t heating demand but LNG economics, with feedgas hovering 18–20 Bcf/d and global benchmarks exploding higher after the Qatar Ras Laffan shutdown (≈20% of global LNG supply). Underneath that sits a well-fed U.S. market with production near 110 Bcf/d, gas rigs at a 2.5-year high, and storage at ~1,893 Bcf (about 2% below the 5-year average), tight enough to prevent panic selling but hardly screaming shortage. The physical market is flashing its own contradiction with Waha prices stuck around –$1.80 for weeks, proof that regional oversupply still exists even while the world is scrambling for LNG cargoes. Technically the battlefield is $3.00: hold it and the market can hunt $3.449, lose it and gravity likely drags prices back toward the $2.848 gap. So the real question for natty isn’t just weather anymore, it’s whether global LNG disruption and energy geopolitics can overpower rising U.S. supply long enough to force a structural repricing of Henry Hub.
ER
Natural Gas Radar
2026-03-08 23:48
Table of Contents
Brian's Thoughts
Today's Update
Natural gas is navigating a dual reality: while U.S. supply remains robust, global LNG concerns are driving prices higher. Henry Hub surged from $2.85 to $3.18 this week, amid warmer weather cutting demand forecasts. Yet, with production near 110 Bcf/d and storage at ~1,893 Bcf, the domestic market feels secure. However, disruptions like the Qatar Ras Laffan shutdown are fueling global price spikes. The market's battleground is $3.00; holding it could push us toward $3.449, while slipping below may drag prices to $2.848.
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**Key Developments & Statistics:**
- Henry Hub prices rose from $2.85 to $3.18.
Executive Summary
Total supply increased by 0.1 BCFD | Total demand decreased by 5.8 BCFD | Market is undersupplied by 16.32 BCFD
Technical Analysis
Overall Technical Score (-5 to +5):
-2
(Moderately Bearish)
Current Price:
$3.43
Signal:
Moderately Bearish
Moving Averages (9/20)
BEARISH
MA(9): $3.02
MA(20): $3.05
Current Price is 3.43, 9 day MA 3.02, 20 day MA 3.05
MACD (12, 26, 9)
BULLISH
MACD: -0.1865
Signal: -0.2645
Days since crossover: 5
MACD crossed the line 5 days ago and is in a bullish setup
RSI (14)
NEUTRAL
Value: 52.38
Category: NEUTRAL
RSI is 52.38 (note 70% is overbought and 30% is oversold)
Volume (vs 20d Avg)
LOWER
Current: 33,702
Avg (20d): 142,034
Ratio: 0.24
Volume is lower versus 20 day average
Stochastic (14, 3)
BULLISH CROSS
%K: 91.24
%D: 72.65
Stochastic %K: 91.24, %D: 72.65. Signal: bullish cross
ADX (14)
NO TREND
ADX: 12.86
+DI: 31.85
-DI: 19.14
ADX: 12.86 (+DI: 31.85, -DI: 19.14). Trend: no trend
Williams %R (14)
OVERBOUGHT
Value: -8.76
Williams %R: -8.76 (overbought)
Bollinger Bands (20, 2)
BREAKOUT UPPER
Upper: 3.34
Middle: 3.05
Lower: 2.77
Price vs BBands (20, 2): breakout upper. Upper: 3.34, Middle: 3.05, Lower: 2.77
Fundamental Analysis
| Category | Current (BCFD) | Last Week | Last Year | 3 Yr Avg |
|---|---|---|---|---|
| Dry Production | 109.3 | 107.8 | 106.2 | 103.2 |
| LNG Imports | 0.0 | 0.0 | 0.1 | 0.1 |
| Canadian Imports | 4.2 | 5.6 | 5.2 | 4.93 |
| Total Supply | 113.5 | 113.4 | 111.5 | 108.3 |
| Industrial Demand | 22.6 | 22.9 | 24.4 | 24.23 |
| Electric Power Demand | 38.6 | 36.0 | 28.1 | 30.0 |
| Residential & Commercial | 35.1 | 42.7 | 32.6 | 32.8 |
| LNG Exports | 18.2 | 18.9 | 16.1 | 14.23 |
| Mexico Exports | 6.5 | 6.3 | 6.3 | 5.83 |
| Pipeline Fuel | 8.83 | 8.83 | 7.4 | 7.33 |
| Total Demand | 129.82 | 135.62 | 114.9 | 114.37 |
| Supply/Demand Balance | -16.32 | -22.22 | -3.4 | -6.07 |
Weather Analysis
Natural Gas Weather Impact:
HIGH heating demand - significant cold spell (BELOW normal heating demand)
(Heating-dominated conditions driving natural gas demand)
Weather Analysis Summary
Heating Degree Days (Utility Gas Weighted)
Last 7 Days:
138.0 HDD
-35.0 vs Normal
Next 7 Days:
87.0 HDD
-69.0 vs Normal
Cooling Degree Days (Population Weighted)
Last 7 Days:
8.0 CDD
+8.0 vs Normal
Next 7 Days:
11.0 CDD
+11.0 vs Normal
Weather Trend Analysis (Click charts to zoom)
HDD Analysis
CDD Analysis
×
![Zoomed Chart]()
Chart Analysis
Detailed Data
Recent HDD Data
| Date | HDD | Normal | Anomaly |
|---|---|---|---|
| 02/28 | 19.0 | 26.0 | -7.0 |
| 03/01 | 22.0 | 25.0 | -3.0 |
| 03/02 | 25.0 | 24.0 | +1.0 |
| 03/03 | 23.0 | 25.0 | -2.0 |
| 03/04 | 18.0 | 25.0 | -7.0 |
| 03/05 | 17.0 | 24.0 | -7.0 |
| 03/06 | 14.0 | 24.0 | -10.0 |
HDD Forecast
| Date | HDD | Normal | Anomaly |
|---|---|---|---|
| 03/08 | 11.0 | 23.0 | -12.0 |
| 03/09 | 9.0 | 23.0 | -14.0 |
| 03/10 | 9.0 | 23.0 | -14.0 |
| 03/11 | 10.0 | 23.0 | -13.0 |
| 03/12 | 16.0 | 22.0 | -6.0 |
| 03/13 | 16.0 | 21.0 | -5.0 |
| 03/14 | 16.0 | 21.0 | -5.0 |
Recent CDD Data
| Date | CDD | Normal | Anomaly |
|---|---|---|---|
| 02/28 | 1.0 | 0.0 | +1.0 |
| 03/01 | 1.0 | 0.0 | +1.0 |
| 03/02 | 1.0 | 0.0 | +1.0 |
| 03/03 | 1.0 | 0.0 | +1.0 |
| 03/04 | 1.0 | 0.0 | +1.0 |
| 03/05 | 1.0 | 0.0 | +1.0 |
| 03/06 | 2.0 | 0.0 | +2.0 |
CDD Forecast
| Date | CDD | Normal | Anomaly |
|---|---|---|---|
| 03/08 | 1.0 | 0.0 | +1.0 |
| 03/09 | 2.0 | 0.0 | +2.0 |
| 03/10 | 2.0 | 0.0 | +2.0 |
| 03/11 | 3.0 | 0.0 | +3.0 |
| 03/12 | 1.0 | 0.0 | +1.0 |
| 03/13 | 1.0 | 0.0 | +1.0 |
| 03/14 | 1.0 | 0.0 | +1.0 |
Data Source: NOAA Climate Prediction Center (CPC)
Region: CONUS
Climatology: 1981-2010 Normal Period
Economic Analysis
Economic Sentiment Summary
NEGATIVE - Economic indicators showing headwinds
Dollar Impact:
Strong USD may pressure commodity prices
Industrial Demand:
Weaker industrial demand signals
Interest Rate Impact:
Rising rates may impact energy demand
Risk Sentiment:
Moderate market volatility
Economic Indicators
USD_INDEX
99.6
Daily:
0.61 (0.62%)
Weekly:
0.55 (0.56%)
US_10Y
4.13
Daily:
-0.01 (-0.31%)
Weekly:
0.09 (2.1%)
SP500
6740.02
Daily:
-90.69 (-1.33%)
Weekly:
-141.6 (-2.06%)
VIX
29.49
Daily:
5.74 (24.17%)
Weekly:
8.05 (37.55%)
GOLD
5098.7
Daily:
-47.4 (-0.92%)
Weekly:
-8.7 (-0.17%)
COPPER
5.76
Daily:
0.0 (0.03%)
Weekly:
-0.01 (-0.25%)
CFTC Commitment of Traders Analysis
Natural Gas Positioning (NAT GAS NYME - NEW YORK MERCANTILE EXCHANGE)
Report Date: 2026-03-03
Sentiment: Bearish and Strengthening
Positioning: Normal Range
Open Interest
1,606,292
Change: -13,239
Managed Money
-76,252
Change: -377
-4.7% of OI
Producer/Merchant
18,397
Change: -11,975
1.1% of OI
Swap Dealers
165,963
Change: +13,154
10.3% of OI
Other Reportables
-130,170
Change: -7,526
-8.1% of OI
Analysis Rationale (Managed Money):
- Managed Money sentiment: bearish and strengthening
Crude Oil Positioning (WTI-PHYSICAL - NEW YORK MERCANTILE EXCHANGE)
Report Date: 2026-03-03
Sentiment: Bullish and Strengthening
Positioning: Normal Range
Open Interest
2,073,033
Change: -29,672
Managed Money
68,385
Change: +685
3.3% of OI
Producer/Merchant
178,669
Change: +47,906
8.6% of OI
Swap Dealers
-400,996
Change: -53,450
-19.3% of OI
Analysis Rationale (Managed Money):
- Managed Money sentiment: bullish and strengthening
LNG Market Analysis
LNG Market Summary
TTF prices increased to 17.592 EUR/MWh (+0.716). JKM prices increased to 15.710 USD/MMBtu (+0.215). JKM is trading at a discount of 1.882 to TTF, suggesting weaker Asian demand.
TTF Prices
17.592
+0.716Front month: APR 26
As of 2026-03-08
JKM Prices
15.710
+0.215Front month: APR 26
As of 2026-03-08
JKM-TTF Spread
-1.882
-10.70%JKM is trading at a discount to TTF, suggesting weaker Asian demand.
As of 2026-03-08
Forward Curves Visualization
TTF (EUR/MWh)
JKM (USD/MMBtu)
20.6
19.0
17.3
15.6
13.9
TTF Forward Curve (Next 12 Months)
| Month | Price (EUR/MWh) |
|---|---|
| APR 26 | 17.592 |
| MAY 26 | 17.796 |
| JUN 26 | 17.431 |
| JUL 26 | 16.998 |
| AUG 26 | 16.689 |
| SEP 26 | 16.589 |
| OCT 26 | 16.558 |
| NOV 26 | 16.466 |
| DEC 26 | 16.283 |
| JAN 27 | 16.082 |
| FEB 27 | 15.702 |
| MAR 27 | 14.655 |
JKM Forward Curve (Next 12 Months)
| Month | Price (USD/MMBtu) |
|---|---|
| APR 26 | 15.710 |
| MAY 26 | 20.080 |
| JUN 26 | 18.925 |
| JUL 26 | 17.550 |
| AUG 26 | 16.975 |
| SEP 26 | 16.650 |
| OCT 26 | 16.535 |
| NOV 26 | 16.400 |
| DEC 26 | 16.365 |
| JAN 27 | 16.245 |
| FEB 27 | 15.780 |
| MAR 27 | 14.465 |
LNG Flows Analysis
LNG Flows Summary
2026-02-06 to 2026-03-07
Latest LNG Flow
18.60
BCF/D
Daily Change
+0.00
(+0.0%)
30-Day Average
18.74
BCF/D
30-Day High
19.20
BCF/D
30-Day Low
18.20
BCF/D
Data Points
29
Days
LNG Flows Trend (Click to zoom)
×
![Zoomed Chart]()
LNG Flows Analysis
Recent LNG Flows Data
| Date | LNG Flow (BCF/D) | Change from Previous |
|---|---|---|
| 2026-02-26 | 18.80 | N/A |
| 2026-02-27 | 19.00 | +0.20 |
| 2026-02-28 | 19.00 | +0.00 |
| 2026-03-01 | 18.60 | -0.40 |
| 2026-03-02 | 18.60 | +0.00 |
| 2026-03-03 | 18.80 | +0.20 |
| 2026-03-04 | 18.40 | -0.40 |
| 2026-03-05 | 18.20 | -0.20 |
| 2026-03-06 | 18.60 | +0.40 |
| 2026-03-07 | 18.60 | +0.00 |
News & Sentiment Analysis
Market Sentiment Overview
BULLISH
Average Polarity:
0.533
Confidence:
1.0
Articles Analyzed:
102
Last Updated:
2026-03-08 23:48:14
Commodity Sentiment
CRUDE_OIL
0.85
HEATING_OIL
0.0
NATURAL_GAS
0.75
Top News Topics
Supply (4 articles)
- Oil Prices Surpass $110 Amid Supply Disruptions Trading Economics
- US oil prices jump on supply fears amid expanding U.S.-Israeli war with Iran Reuters
- US Natgas Jumps on Global Supply Risks Trading Economics
- Nat-Gas Prices Sharply Higher on Global Supply Risks Barchart
Demand (3 articles)
Infrastructure (1 articles)
Geopolitical (8 articles)
- Shares slide, oil surges on risk of lengthy Middle East conflict Reuters
- Oil soars, shares slide in Asia as Middle East conflict rages Reuters
- Middle East Conflict to Drive Up U.K. Inflation — Market Talk Dow Jones Newswires
- Dollar Has Limited Scope to Rise if Middle East Conflict is Brief — Market Talk Dow Jones Newswires
- Iran Conflict's Impact on Japan's Economy Likely Limited — Market Talk Dow Jones Newswires
- Protracted Middle East Conflict Could Prompt Investors to Abandon Fed Rate Cut Expectations — Market Talk Dow Jones Newswires
- Oil Resumes Climb As Middle East Conflict Continues — Market Talk Dow Jones Newswires
- U.S. Jobs Data Unlikely to Have Big Dollar Impact Amid Middle East Conflict — Market Talk Dow Jones Newswires
Weather (1 articles)
Fibonacci Levels Analysis
Current Price:
$3.43
Closest Support:
$2.78
18.95% below current price
Closest Resistance:
$3.97
15.74% above current price
Fibonacci Retracement Levels
0.0
$2.78
Support
0.236
$3.97
Resistance
0.382
$4.7
0.5
$5.3
0.618
$5.9
0.786
$6.75
1.0
$7.83
Fibonacci Extension Levels
1.272
$9.2
1.618
$10.95
2.0
$12.88
2.618
$16.0
ML Price Prediction
Current Price:
$3.19
Forecast Generated:
2026-03-08 23:48:14
Next Trading Day:
UP 0.15%
| Date | Prediction | Lower Bound | Upper Bound |
|---|---|---|---|
| 2026-03-07 | $3.19 | $1.8 | $4.59 |
| 2026-03-08 | $3.21 | $1.81 | $4.6 |
| 2026-03-09 | $3.19 | $1.8 | $4.59 |
| 2026-03-10 | $3.19 | $1.79 | $4.58 |
| 2026-03-11 | $3.18 | $1.78 | $4.57 |
ML Insights
- Forecast generated using ARIMA(5, 1, 0).
- The model predicts a price increase of ~0.15% for the next trading day (2026-03-07), reaching $3.19.
- The 5-day forecast suggests relatively stable prices between 2026-03-07 and 2026-03-11.
- The average confidence interval width is ~87.4% of the predicted price, indicating model uncertainty.
- SIGNAL: Weak bullish signal, high uncertainty.
AI Analysis
For Energy Traders:
Current market conditions suggest a moderately bearish outlook with a technical score of -2/5. Traders should note the Fibonacci support level at 2.78 and resistance at 3.97. The ML price forecast indicates a slight upward movement of 0.15%, which may present short-term trading opportunities. However, the overall fundamental balance of -16.32 BCFD suggests potential volatility and risks in price movements.
For Producers (Oil & Gas Companies):
Given the moderately bearish technical outlook and current fundamental balance of -16.32 BCFD, producers should consider adjusting their production planning to account for potential price declines. The news sentiment towards natural gas is strong (+0.750), indicating a favorable market perception that could support pricing. Hedging strategies may need to be revisited in light of geopolitical tensions impacting supply, particularly related to crude oil.
For Consumers (Industrial/Utilities):
With a moderate heating demand expected, consumers should prepare for potential cost fluctuations in energy procurement. The fundamental balance of -16.32 BCFD and dominance of heating degree days (HDD) across regions suggest that supply may be constrained, affecting reliability. Consumers are advised to consider strategic procurement options to mitigate risks associated with price volatility.
For Commodity Professionals (Analysts, Consultants):
The energy market is currently influenced by several driving factors. The moderately bearish technical score combined with a fundamental balance of -16.32 BCFD indicates potential pressure on prices. However, the strong news sentiment around natural gas (+0.750) and geopolitical tensions could lead to shifts in market dynamics. Analysts should monitor these factors closely for emerging trends and potential outlook shifts.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice or specific buy/sell recommendations.