U.S. Natural Gas Futures Steady Ahead of Storage Data

0914 ET – U.S. natural gas futures are holding their ground after settling at a more than two-year high, with the market looking beyond weaker near-term fundamentals such as warmer weather, higher production and an easing in LNG demand. “Instead, trader repositioning and short-covering for the 2025 injection season has played a role” in the rally, Eli Rubin of EBW Analytics says in a note. “Traders seem to be increasingly recognizing the bullish long-term fundamentals for winter 2025-26.” The EIA’s storage report for last week is expected to show a 98 Bcf withdrawal, according to a Wall Street Journal survey of analysts. The Nymex front month is off 0.5% at $4.428/mmBtu.(anthony.harrup@wsj.com)