U.S. natural gas futures surged 17.3% last week, the largest weekly gain since early May. Goldman Sachs analysts offered context for the rally, noting that the market narrative has shifted "from U.S. storage congestion fears to tightening 2026 supply."

A team of Goldman analysts led by Samantha Dart, senior energy strategist, explained that the jump in NatGas prices last week to nearly $3.5/mmBtu was largely due to the roll into the November "winter" contract, which carries stronger heating demand and lower storage congestion risk. 

$3.5/mmBtu resistance.

Dart explained that even beyond the rollover effect, two bullish forces supported the rally:

Dart's chartpack:

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Separately, the heating season is just around the corner, with about 42% of U.S. households (the top source, especially in the Midwest and Northeast)using NatGas for heating. 

Here comes the heating season. 

. . .