U.S. Natural Gas: $1.08 Spot-to-Forward Gap Reflects LNG Maintenance Now, Tightening Later

Front-month U.S. natural gas settled near $2.89/MMBtu in July 2026; the 12-month forward strip sits at $3.97, a $1.08 gap. LNG export maintenance cut feedgas flows from 17.1 to 16.5 Bcf/d in June. Production held at 110.3 Bcf/d (EIA, July 31). The forward curve prices in LNG capacity additions and record 2027 power-sector gas demand forecast by the EIA.