What is on the Horizon for the 2026/2027 Natural Gas Withdrawal Season?

The natural gas withdrawal season starts next month, with U.S. inventories slightly above the 5-year average, but below last year’s level. While U.S. prices remain well below $4 per MMBtu for the upcoming peak season in January 2027, European price action suggests U.S. prices could soar if the winter of 2026/2027 is colder than average.Natural gas close up burner by Freer Law via iStock