U.S. natural gas futures near $3.04 per MMBtu reflect bearish near-term sentiment driven by record domestic production near 113–115 Bcf/d and working gas inventories projected at 3,969 Bcf by October 31—5% above the five-year average and the highest end-of-injection level in a decade. Elevated supply from Permian and Haynesville output, combined with mild October weather forecasts and limited LNG export growth, has capped demand and supported comfortable storage builds. EIA’s latest Short-Term Energy Outlook pegs the 2026 Henry Hub average at $3.43, with traders monitoring the next storage report and any early winter weather shifts for potential volatility around key technical levels.