US natural gas futures experienced a nearly 3% drop, settling at $2.788 per mmBtu, driven by weaker demand forecasts and lower LNG export flows. This decline follows a six-day price rally. The average gas flow to nine major US LNG plants decreased to 17.3 billion cubic feet per day (bcfd) in May from a record 18.8 bcfd in April due to spring maintenance. Waha Hub prices have remained negative for a record 62 consecutive days, averaging negative $2.22 per mmBtu in 2026 so far, primarily due to pipeline constraints in the Permian Basin. Despite a storage surplus that is slowly declining, analysts expect mixed signals for future pricing as production cuts and seasonal cooling demand may support prices later in the summer. Meanwhile, global gas benchmarks remain significantly higher, with Henry Hub futures around $2.85, European TTF futures at $16.57, and the Japan-Korea Marker at $16.86 per mmBtu.