Texas

Natural gas futures advanced after a smaller-than-expected EIA storage injection pointed to stronger demand from power burn and LNG feedgas. The market remains well supplied, but traders are responding to signs that the surplus is narrowing during a key summer period.

Natural gas futures advanced as hotter weather across the South and West met a modest production pullback and resilient LNG feedgas demand. Traders are now watching whether the rally can survive the next EIA storage update and a test of the 50-day moving average.

September natural gas futures are under pressure ahead of the EIA weekly storage update, with traders watching whether a potential reversal pattern can attract follow through buying. Extreme southern heat is supporting power burn, but cooler conditions across key consuming regions and strong Lower 48 production continue to favor sellers.

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.

Natural gas futures remain under pressure as domestic fundamentals overpower overseas supply anxiety tied to the Strait of Hormuz. Freeport LNG maintenance, strong production and a 181 Bcf storage surplus are keeping sellers in control despite pockets of U.S. heat.

Hut 8 and IREN led a sharp Monday rebound in bitcoin mining stocks after announcing major AI infrastructure contracts. The deals helped ease investor concerns that demand for new data center capacity could be cooling.

Benchmark nearly doubled its price target on Hut 8 to $165 from $85, citing the value of the Beacon Point AI data center campus and the company’s faster shift into AI infrastructure. The broker said contracted leases, large-scale project financing and a development pipeline of more than 9 gigawatts support a longer runway despite recent share weakness.