After March’s pullback, April pricing moved higher as markets looked beyond the spring shoulder season and began to price in stronger summer demand, record LNG export capacity, and longer-term structural load growth. The 12-month natural gas strip rose from $3.575/MMBtu in March to $3.766/MMBtu in April, while the prompt April 2026 contract settled at $3.095/MMBtu, reinforcing a firmer floor above recent lows. Even with domestic storage ending withdrawal season near 1,900 Bcf and production holding above 110 Bcf/d, the forward curve is signaling a tighter balance as export demand and power burn absorb a larger share of supply.
Power markets followed the same direction, with forward on-peak pricing firming across major Eastern hubs as growing commercial demand, tighter capacity margins, and infrastructure constraints continue to support outer-year values. While milder spring weather and comfortable near-term gas fundamentals are keeping prompt pricing relatively contained, the market is becoming increasingly focused on rising data center load, reliability concerns, and the stronger link between U.S. pricing and global LNG dynamics.
