Energy Information Administration

Natural gas futures advanced as hotter weather forecasts and a smaller-than-expected storage injection gave bulls fresh support. Record Lower-48 production and steady associated gas flows, however, continue to limit the market’s ability to extend rallies.

Oil markets are weighing heightened Strait of Hormuz supply concerns against a surprise U.S. crude inventory build reported by API. WTI and Brent remain technically constructive, while natural gas holds above its breakout area as traders watch resistance near $2.81.

Natural gas futures found support from short covering as Texas and the Plains kept cooling demand alive. The broader setup remains pressured by strong production, cooler conditions across key regions and storage levels that continue to reassure sellers.

Energy markets are heading into a pivotal stretch as traders weigh a widely expected OPEC+ supply increase against supply disruptions tied to Middle East tensions. WTI, Brent and natural gas remain under technical pressure, with key support levels now shaping the near term outlook.