U.S. natural gas futures have firmed into late September 2026, with front-month contracts trading near or above the $3.00 per MMBtu psychological level amid below-average storage injections that narrowed the inventory surplus to roughly 3-4% above the five-year norm. Record Lower 48 output near 112.8-112.9 bcfd and elevated LNG feedgas demand have offset softer power-burn readings, while forecasts for cooler weather are beginning to support heating demand expectations. The EIA’s September STEO continues to project Henry Hub averaging below $3.00 through the quarter on ample supplies, yet recent weekly builds of 44-53 bcf underscore the market’s sensitivity to any further injection shortfalls or pipeline disruptions. Traders are focused on the next storage report, daily production updates, and early-October weather models as key near-term catalysts.