Natural gas markets were mixed in June, with near-summer contracts moving higher while longer-dated prices continued to face pressure. Strong domestic production and a healthier storage outlook weighed on the broader natural gas curve, even as summer heat risk began to show up in the front of the curve. The 12-month Henry Hub strip settled at $3.316/MMBtu, down $0.063 month over month, while Cal 2026 was the only calendar strip to tick higher.
Power markets remained more resilient, supported by cooling demand, data center-driven load growth, capacity constraints, and elevated reliability concerns across key regions, especially in the Northeast. This month’s update looks at how supply growth, summer heat, and grid reliability are shaping natural gas and power markets heading into peak summer.
