Gas futures split on winter risk: November below $3, December above $3.50

The EIA projects U.S. natural gas storage will hit a record 3,985 Bcf by end-October 2026. Yet CME Henry Hub futures show November 2026 at $2.97 and December at $3.58 — a 61-cent gap. Despite the storage surplus, the market is pricing in winter heating demand risk.