U.S. natural gas futures sit near $3.151/mm Btu, barely moving after a 0.1% rise on Thursday. Analysts point to recovering LNG feed‑gas flows and a warming weather forecast as stabilizing forces.

Eli Rubin of EBW Analytics warns that supply recovery could curb upside gains and erode summer risk premiums within the next 30‑45 days. A Texas‑coast storm may further dampen demand and LNG shipments.

European gas prices have slipped sharply following a U.S.‑Iran framework deal, yet remain above pre‑war levels. Commerzbank notes that the Strait of Hormuz blockade has cost the market roughly 10 billion cubic meters monthly, while Qatar’s output constraints could persist for years.

Low European storage and expected Asian LNG demand tied to El Nino conditions support near‑term prices, limiting a sustained decline despite easing geopolitical tensions. Investors should monitor supply dynamics and weather trends closely.