Natural gas reversed direction in July, with forward prices firming across the curve after easing through the spring. Summer cooling demand and near-record LNG feedgas began to offset another quarter of production growth, lifting the 12-month Henry Hub strip to $3.424/MMBtu, up $0.112 month over month, with every calendar strip moving higher. The winter premium held firm, as Jan-27 settled at $4.432, well above the summer months, a sign the market has not dismissed heat and storage-refill risk heading into the withdrawal season.
The bigger story this month is on the demand side. As data centers, advanced manufacturing, and other large loads reshape the grid, FERC has moved from studying large-load growth to ordering all six RTOs and ISOs to reform how they connect new demand. This month’s update examines how interconnection reform, gigawatt-scale load growth, and a firming forward curve are converging to shape natural gas and power markets through the second half of 2026.
