Natural gas is trading like a tug-of-war between a comfortable U.S. balance sheet and a suddenly nervous global LNG market. Henry Hub bounced from $2.85 to the $3.24–$3.25 zone, which is now acting as the technical anchor level, even though weather models have softened demand forecasts from roughly 137 Bcf/d toward ~113 Bcf/d over the next couple of weeks. Under the hood the U.S. system is still well supplied with Lower-48 production near 110–112 Bcf/d, gas rigs around 132 (near a 2.5-year high), and storage around ~1.9 Tcf, only about 2% below the five-year average, which normally caps rallies. What is keeping prices supported is the global LNG story: Qatar’s Ras Laffan complex, responsible for roughly 20% of global LNG supply, remains offline, while the Strait of Hormuz disruption threatens a route carrying about one-fifth of global LNG trade, pushing European gas toward €50/MWh and tightening the global market. At the same time, U.S. LNG exports are already running near capacity around 19–20 Bcf/d, meaning any global disruption effectively pins export demand at maximum levels and keeps a floor under Henry Hub. If $3.247 holds as support, the market likely starts hunting the next magnet around $3.449, because even with mild weather the combination of near-normal storage, strong LNG demand, and global gas anxiety makes sub-$3 prices increasingly difficult to justify.
* Monday trading led us back down to test the $3 level - this breaks the trend on the upward channel to 3.247 but is backed as demand is faltering as soft spring demand is here and traders are now thinking that we may be done with winter. On supply-demand balance we are not ‘that weak’ in my humble opinion. Technicals point to 2.762 while Fundamentals show support to 3.449.
* Natty brought us another consolidation for Nat Gas - still sitting above $3 so that is the line in the sand for the bulls to retain control - if that goes - then we drop to 2.762 but 3.449 seems to be calling.
ER
Natural Gas Radar
2026-03-17 23:48
Table of Contents
Brian's Thoughts
Today's Update
Natural gas is currently caught in a tug-of-war between a stable U.S. supply and rising global LNG demand. Henry Hub prices have bounced from $2.85 to $3.25, with support at $3.247. Despite softened weather forecasts, U.S. production remains robust near 110 Bcf/d and storage is close to the five-year average. Global disruptions, especially in LNG supply from Qatar and the Strait of Hormuz, are keeping prices buoyant. Watch for potential resistance at $3.449 and support at $3; a break below could signal a drop to $2.762.
Executive Summary
Total supply decreased by 0.4 BCFD | Total demand increased by 1.7 BCFD | Market is undersupplied by 18.42 BCFD
Technical Analysis
Overall Technical Score (-5 to +5):
-2
(Moderately Bearish)
Current Price:
$2.97
Signal:
Moderately Bearish
Moving Averages (9/20)
BULLISH
MA(9): $3.1
MA(20): $3.02
Current Price is 2.97, 9 day MA 3.1, 20 day MA 3.02
MACD (12, 26, 9)
BULLISH
MACD: -0.1319
Signal: -0.1775
Days since crossover: 11
MACD crossed the line 11 days ago and is in a bullish setup
RSI (14)
NEUTRAL
Value: 43.4
Category: NEUTRAL
RSI is 43.4 (note 70% is overbought and 30% is oversold)
Volume (vs 20d Avg)
LOWER
Current: 5,022
Avg (20d): 137,863
Ratio: 0.04
Volume is lower versus 20 day average
Stochastic (14, 3)
BEARISH CROSS
%K: 26.56
%D: 36.86
Stochastic %K: 26.56, %D: 36.86. Signal: bearish cross
ADX (14)
NO TREND
ADX: 15.86
+DI: 26.98
-DI: 19.92
ADX: 15.86 (+DI: 26.98, -DI: 19.92). Trend: no trend
Williams %R (14)
NEUTRAL
Value: -73.44
Williams %R: -73.44 (neutral zone)
Bollinger Bands (20, 2)
BELOW MIDDLE
Upper: 3.24
Middle: 3.02
Lower: 2.81
Price vs BBands (20, 2): below middle. Upper: 3.24, Middle: 3.02, Lower: 2.81
Fundamental Analysis
| Category | Current (BCFD) | Last Week | Last Year | 3 Yr Avg |
|---|---|---|---|---|
| Dry Production | 108.4 | 109.3 | 105.5 | 102.7 |
| LNG Imports | 0.0 | 0.0 | 0.0 | 0.07 |
| Canadian Imports | 4.7 | 4.2 | 5.2 | 4.47 |
| Total Supply | 113.1 | 113.5 | 110.7 | 107.2 |
| Industrial Demand | 23.9 | 22.6 | 24.0 | 23.87 |
| Electric Power Demand | 30.9 | 38.6 | 27.8 | 29.3 |
| Residential & Commercial | 42.0 | 35.1 | 29.2 | 29.17 |
| LNG Exports | 19.3 | 18.2 | 15.8 | 14.13 |
| Mexico Exports | 6.6 | 6.5 | 6.1 | 5.93 |
| Pipeline Fuel | 8.83 | 8.83 | 7.3 | 7.37 |
| Total Demand | 131.52 | 129.82 | 110.0 | 109.77 |
| Supply/Demand Balance | -18.42 | -16.32 | 0.7 | -2.57 |
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:
103.0 HDD
-51.0 vs Normal
Next 7 Days:
114.0 HDD
-28.0 vs Normal
Cooling Degree Days (Population Weighted)
Last 7 Days:
9.0 CDD
+9.0 vs Normal
Next 7 Days:
16.0 CDD
+16.0 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 |
|---|---|---|---|
| 03/09 | 10.0 | 23.0 | -13.0 |
| 03/10 | 10.0 | 23.0 | -13.0 |
| 03/11 | 11.0 | 23.0 | -12.0 |
| 03/12 | 18.0 | 22.0 | -4.0 |
| 03/13 | 20.0 | 21.0 | -1.0 |
| 03/14 | 18.0 | 21.0 | -3.0 |
| 03/15 | 16.0 | 21.0 | -5.0 |
HDD Forecast
| Date | HDD | Normal | Anomaly |
|---|---|---|---|
| 03/17 | 27.0 | 21.0 | +6.0 |
| 03/18 | 22.0 | 21.0 | +1.0 |
| 03/19 | 15.0 | 20.0 | -5.0 |
| 03/20 | 11.0 | 20.0 | -9.0 |
| 03/21 | 10.0 | 20.0 | -10.0 |
| 03/22 | 12.0 | 20.0 | -8.0 |
| 03/23 | 17.0 | 20.0 | -3.0 |
Recent CDD Data
| Date | CDD | Normal | Anomaly |
|---|---|---|---|
| 03/09 | 1.0 | 0.0 | +1.0 |
| 03/10 | 2.0 | 0.0 | +2.0 |
| 03/11 | 2.0 | 0.0 | +2.0 |
| 03/12 | 1.0 | 0.0 | +1.0 |
| 03/13 | 1.0 | 0.0 | +1.0 |
| 03/14 | 1.0 | 0.0 | +1.0 |
| 03/15 | 1.0 | 0.0 | +1.0 |
CDD Forecast
| Date | CDD | Normal | Anomaly |
|---|---|---|---|
| 03/17 | 1.0 | 0.0 | +1.0 |
| 03/18 | 2.0 | 0.0 | +2.0 |
| 03/19 | 2.0 | 0.0 | +2.0 |
| 03/20 | 3.0 | 0.0 | +3.0 |
| 03/21 | 3.0 | 0.0 | +3.0 |
| 03/22 | 3.0 | 0.0 | +3.0 |
| 03/23 | 2.0 | 0.0 | +2.0 |
Data Source: NOAA Climate Prediction Center (CPC)
Region: CONUS
Climatology: 1981-2010 Normal Period
Economic Analysis
Economic Sentiment Summary
NEUTRAL - Mixed economic signals
Dollar Impact:
Weaker USD may support commodity prices
Industrial Demand:
Weaker industrial demand signals
Interest Rate Impact:
Stable/lower rates may support demand
Risk Sentiment:
Moderate market volatility
Economic Indicators
USD_INDEX
99.6
Daily:
-0.11 (-0.11%)
Weekly:
0.37 (0.37%)
US_10Y
4.2
Daily:
-0.02 (-0.43%)
Weekly:
-0.01 (-0.14%)
SP500
6716.09
Daily:
16.71 (0.25%)
Weekly:
-59.71 (-0.88%)
VIX
22.37
Daily:
-1.14 (-4.85%)
Weekly:
-1.86 (-7.68%)
GOLD
4998.6
Daily:
4.6 (0.09%)
Weekly:
-168.8 (-3.27%)
COPPER
5.73
Daily:
-0.06 (-0.98%)
Weekly:
-0.11 (-1.91%)
CFTC Commitment of Traders Analysis
Natural Gas Positioning (NAT GAS NYME - NEW YORK MERCANTILE EXCHANGE)
Report Date: 2026-03-10
Sentiment: Bearish but Weakening
Positioning: Normal Range
Open Interest
1,565,341
Change: -40,951
Managed Money
-62,982
Change: +13,270
-4.0% of OI
Producer/Merchant
8,300
Change: -10,097
0.5% of OI
Swap Dealers
155,872
Change: -10,091
10.0% of OI
Other Reportables
-123,874
Change: +6,296
-7.9% of OI
Analysis Rationale (Managed Money):
- Managed Money sentiment: bearish but weakening
Crude Oil Positioning (WTI-PHYSICAL - NEW YORK MERCANTILE EXCHANGE)
Report Date: 2026-03-10
Sentiment: Bullish and Strengthening
Positioning: Normal Range
Open Interest
2,051,321
Change: -21,712
Managed Money
92,122
Change: +23,737
4.5% of OI
Producer/Merchant
212,558
Change: +33,889
10.4% of OI
Swap Dealers
-489,005
Change: -88,009
-23.8% of OI
Analysis Rationale (Managed Money):
- Managed Money sentiment: bullish and strengthening
LNG Market Analysis
LNG Market Summary
TTF prices increased to 16.887 EUR/MWh (+0.162). JKM prices remained stable to 16.185 USD/MMBtu (+0.000). JKM is trading at a discount of 0.702 to TTF, suggesting weaker Asian demand.
TTF Prices
16.887
+0.162Front month: APR 26
As of 2026-03-17
JKM Prices
16.185
+0.000Front month: APR 26
As of 2026-03-17
JKM-TTF Spread
-0.702
-4.16%JKM is trading at a discount to TTF, suggesting weaker Asian demand.
As of 2026-03-17
Forward Curves Visualization
TTF (EUR/MWh)
JKM (USD/MMBtu)
19.7
18.4
17.2
15.9
14.7
TTF Forward Curve (Next 12 Months)
| Month | Price (EUR/MWh) |
|---|---|
| APR 26 | 16.887 |
| MAY 26 | 17.045 |
| JUN 26 | 16.942 |
| JUL 26 | 16.830 |
| AUG 26 | 16.773 |
| SEP 26 | 16.732 |
| OCT 26 | 16.658 |
| NOV 26 | 16.583 |
| DEC 26 | 16.549 |
| JAN 27 | 16.440 |
| FEB 27 | 16.119 |
| MAR 27 | 15.153 |
JKM Forward Curve (Next 12 Months)
| Month | Price (USD/MMBtu) |
|---|---|
| APR 26 | 16.185 |
| MAY 26 | 19.275 |
| JUN 26 | 18.600 |
| JUL 26 | 18.065 |
| AUG 26 | 17.485 |
| SEP 26 | 17.160 |
| OCT 26 | 16.775 |
| NOV 26 | 16.635 |
| DEC 26 | 16.785 |
| JAN 27 | 16.805 |
| FEB 27 | 16.355 |
| MAR 27 | 15.075 |
LNG Flows Analysis
LNG Flows Summary
2026-02-15 to 2026-03-16
Latest LNG Flow
19.40
BCF/D
Daily Change
+0.20
(+1.0%)
30-Day Average
18.87
BCF/D
30-Day High
19.40
BCF/D
30-Day Low
18.20
BCF/D
Data Points
30
Days
LNG Flows Trend (Click to zoom)
×
![Zoomed Chart]()
LNG Flows Analysis
Recent LNG Flows Data
| Date | LNG Flow (BCF/D) | Change from Previous |
|---|---|---|
| 2026-03-07 | 18.60 | N/A |
| 2026-03-08 | 18.90 | +0.30 |
| 2026-03-09 | 18.20 | -0.70 |
| 2026-03-10 | 18.80 | +0.60 |
| 2026-03-11 | 18.80 | +0.00 |
| 2026-03-12 | 19.30 | +0.50 |
| 2026-03-13 | 19.30 | +0.00 |
| 2026-03-14 | 19.10 | -0.20 |
| 2026-03-15 | 19.20 | +0.10 |
| 2026-03-16 | 19.40 | +0.20 |
News & Sentiment Analysis
Market Sentiment Overview
NEUTRAL
Average Polarity:
0.125
Confidence:
1.0
Articles Analyzed:
88
Last Updated:
2026-03-17 23:47:45
Commodity Sentiment
CRUDE_OIL
0.65
NATURAL_GAS
-0.4
Top News Topics
Supply (12 articles)
- Oil Rises on Lingering Supply Concerns Trading Economics
- Oil gains over 2% as market weighs Iran war supply risks Reuters
- Oil Rises Amid Ongoing Supply Disruption Concerns — Market Talk Dow Jones Newswires
- Oil Rises on Lingering Supply Concerns Trading Economics
- Supply Shortage Will Need to Persist to Support Current Oil Price Level — Market Talk Dow Jones Newswires
- Brent Tops $105 on Supply Risks Despite Trump's Call for Hormuz Coalition — Market Talk Dow Jones Newswires
- Energy Supply Uncertainty Will Likely Keep Euro Weak Versus Dollar — Market Talk Dow Jones Newswires
- Energy Prices Set to Remain High Amid Longer Supply Disruption — Market Talk Dow Jones Newswires
- Oil Futures Rise on Supply Disruption Concerns — Market Talk Dow Jones Newswires
- US natgas futures steady as Texas Freeport LNG unit shutdown offsets supply drop Reuters
- US natural gas futures slide 3% as output climbs, demand wanes Reuters
- US natural gas futures dip 1% as output climbs, demand wanes Reuters
Demand (3 articles)
Geopolitical (4 articles)
- Oil Holds Gains as Iran Conflict Persists Trading Economics
- Asian Growth Likely Hit Hard by Middle East Conflict — Market Talk Dow Jones Newswires
- ING Adjusts Forecasts for Oil Depending on Conflict Length — Market Talk Dow Jones Newswires
- Oil poised for further gains as Middle East conflict threatens export facilities Reuters
Weather (3 articles)
- US Crude Oil Inventories Top Forecasts Trading Economics
- Morningstar Maintains $65 a Barrel Brent Midcycle Forecast — Market Talk Dow Jones Newswires
- ING Adjusts Forecasts for Oil Depending on Conflict Length — Market Talk Dow Jones Newswires
Fibonacci Levels Analysis
Current Price:
$2.97
Closest Support:
$2.78
6.4% below current price
Closest Resistance:
$3.97
33.67% 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:
$3.03
Forecast Generated:
2026-03-17 23:47:45
Next Trading Day:
DOWN 0.51%
| Date | Prediction | Lower Bound | Upper Bound |
|---|---|---|---|
| 2026-03-18 | $3.02 | $2.81 | $3.23 |
| 2026-03-19 | $3.03 | $2.82 | $3.24 |
| 2026-03-20 | $3.03 | $2.82 | $3.24 |
| 2026-03-21 | $3.04 | $2.83 | $3.25 |
| 2026-03-22 | $3.04 | $2.83 | $3.25 |
ML Insights
- Forecast generated using ARIMA(5, 1, 0).
- The model predicts a price decrease of ~0.51% for the next trading day (2026-03-18), reaching $3.02.
- The 5-day forecast suggests relatively stable prices between 2026-03-18 and 2026-03-22.
- The average confidence interval width is ~13.9% of the predicted price, indicating model uncertainty.
- SIGNAL: Weak bearish signal, high uncertainty.
AI Analysis
For Energy Traders:
Current market data indicates a moderately bearish sentiment with a technical score of -2/5. The Fibonacci support level is at 2.78, while resistance is noted at 3.97. Traders should be cautious of potential price fluctuations, as the ML price forecast suggests a 0.51% decrease, indicating possible short-term volatility. Monitoring the bearish trend could present opportunities for short positions, especially if prices approach resistance levels.
For Producers (Oil & Gas Companies):
The fundamental balance shows a deficit of -18.42 BCFD, indicating a tightening supply scenario, albeit with a slight decrease in demand. Producers should consider adjusting production levels and hedging strategies accordingly. The neutral market sentiment suggests that while there are no immediate bullish indicators, the overall stability in supply could allow for strategic planning in production and distribution to mitigate potential risks from fluctuating demand.
For Consumers (Industrial/Utilities):
With heating demand expected to dominate, particularly in the Northeast and Midwest, consumers should prepare for potential increases in energy costs during peak heating periods. The bearish outlook in natural gas prices may provide short-term relief; however, the risk of supply reliability remains, especially as demand fluctuates. It’s advisable for consumers to consider hedging strategies to lock in prices amid uncertain market conditions.
For Commodity Professionals (Analysts, Consultants):
The current market landscape is characterized by a moderately bearish sentiment driven by a fundamental imbalance and subdued demand forecasts. The weather outlook indicates increased heating needs, particularly in colder regions, which may influence natural gas prices. Analysts should focus on the interplay between supply disruptions and demand fluctuations, as geopolitical tensions could further complicate market dynamics. Overall, the market appears poised for potential shifts depending on external factors impacting supply and demand.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice or specific buy/sell recommendations.