The Henry Hub natural gas benchmark has steadied near $2.80/MMBtu, following earlier volatility during the withdrawal season.

RBC Capital Markets notes that US natural gas prices have “settled into a lull – especially when compared to their global peers, with high LNG prices and landed natural gas prices in Europe and Asia.”

The bank favours a near-term Q2 range of $2.76–3.25/MMBtu before expecting stronger pricing later in the year.

“In the very near-term, we favor our Q2 low-to-middle scenario range ($2.76-3.25/MMBtu) before giving way to our mid-to-high annual scenario range later this year (at or above $3.51/MMBtu).”

Looking further ahead, RBC sees tightening structural balances supporting prices into 2027.

“In 2027, we see the balance tightening structurally, leading to lower storage outcomes and higher prices, and eventually leading to a demand pull environment this decade.”

RBC’s forecast therefore explicitly sees Henry Hub moving above $3.51/MMBtu later in 2026, with upside risks building into 2027 if domestic demand surprises.