Natural Gas Futures Signal 27% Winter Premium as Europe's Storage Dips to Record Low

August gas trades at $2.76/MMBtu; December 2026 futures sit at $3.495 — a 27% premium. Europe's storage hit a record low after conflict squeezed supply. The EIA projects U.S. pipeline exports rising from 9.5 Bcf/d in 2025 to 10.0 in 2027. The forward curve prices winter risk; the question is whether spot prices underplay near-term tightness.