We were definitely wrong on our call when we said that US natural gas prices would be dragged higher as the Strait of Hormuz conflict drags on. US natural gas fundamentals ultimately won as the weather setup for March and April 2026 will be the 2nd warmest stretch since 2000.
Source: CommodityWxGroup
Interestingly enough, despite the very bearish heating demand projections, US natural gas storage is expected to remain around the 5-year average going forward due to tight supply and demand balances.
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