Morgan Stanley notes Henry Hub natural gas prices have fallen about 28% year‑to‑date, with inventories 5% above the five‑year average.
Analysts expect near‑term prices to stay range‑bound or slightly weaker as spring seasonal demand remains soft.
Long‑term demand is projected to rise to ~140 bcf/d by 2030 from ~113 bcf/d today, driven by LNG exports and higher power needs.
Energy CPI surged 10.9% M/M, gasoline index 21.2% M/M, with retail gasoline price topping $4/gal for first time in three years.