Solar and wind power accounted for the lion's share of the summer's electricity demand. Solar output climbed by 19.4 billion kilowatt-hours, while wind added 9.3 billion, dwarfing the 7.5 billion kilowatt-hour increase from gas-fired power plants. With renewable sources handling the cooling load, natural gas struggled to find the price support typically expected during peak temperature months.

Simultaneously, the supply side remained aggressive. U.S. dry natural gas production rose by 2.7 billion cubic feet per day compared to the previous year, led by heavy output from the Permian Basin. The Energy Information Administration projects a record 111.2 billion cubic feet per day for 2026. This production surplus, paired with maintenance-related slowdowns at LNG export terminals, allowed inventories to swell. By the end of October, working gas volumes are expected to hit 3.985 trillion cubic feet, sitting roughly 5% above the five-year average.