Nat Gas Bears Persist

March 31, 2025 

Despite multiple forecasts warning that rising electricity demand could outpace supply, natural gas futures are trading lower—as if the opposite were expected. Futures contracts at or above $5.00/MMBtu seem increasingly unlikely the further out you look. Last week, both the winter '28-'29 and '29-'30 strips were trading a full dollar lower than the upcoming season.