U.S. natural gas prices have traded in a narrow range near $2.70–$2.94 per MMBtu through late August 2026, pressured by record Lower-48 production above 111 bcfd and elevated storage levels projected to reach decade highs by October. Reduced LNG feedgas demand amid maintenance at key terminals has further capped upside despite occasional heat-driven power burn spikes. The EIA’s August Short-Term Energy Outlook lowered its Q3 Henry Hub forecast to $2.87/MMBtu, reflecting these supply dynamics. Traders are watching weekly storage injections, any resumption of LNG operations, and early fall weather patterns for shifts in the near-term balance before winter demand ramps up.