Published research this week leans bullish on U.S. natural gas, with a tactical case for Henry Hub pushing above $4.
The argument from one recent research note: storage injections are running solid but not excessive, working gas sits above the five-year average, and the accumulation setup is still intact. Builds are described as healthy, not oversupply — a backdrop that favors continued buying rather than a reversal.
Zooming out, a separate strategic view frames global LNG as a multi-year bullish story, pointing to expanding Canadian export capacity and rising international demand tied to energy security. That's a structural tailwind, distinct from near-term U.S. price action.
On European gas, the published consensus has shifted lower: TTF forecasts were cut to €47/MWh in Q3 2026 and €50/MWh in Q4 (down sharply from €60 and €69), easing further toward €42/MWh in 2027, as a Hormuz reopening and Qatari LNG ramp-up improve supply. The caveat flagged: physical tightness and winter risk could keep prices volatile.