Gas at $2.89: Export Bets Offset Storage Surplus

U.S. natural gas storage hit 3,169 Bcf on August 14, 2026 — 185 Bcf above the five-year average. Yet front-month NYMEX futures sit at $2.89/MMBtu. The EIA says prices reflect expected 2026 market tightening, not today's glut. Pipeline exports are forecast to climb from 9.5 Bcf/d in 2025 to 10.0 Bcf/d in 2027, squeezing domestic supply.