Natural Gas Forward Curve Prices $1.28 Premium to Spot as 2027 Power Demand Record Looms

Natural gas futures closed near $2.69/MMBtu on August 5, 2026, while the 12-month strip sat near $3.97 — a $1.28 gap known as contango, where forward prices exceed spot. The EIA forecasts gas-fired power consumption will hit a record in 2027, driven by data centers and coal retirements. Storage at 3,084 Bcf keeps near-term supply comfortable.