Natural Gas: Futures Priced $1.28 Above Spot as 2027 Power Demand Nears Record

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