U.S. natural gas markets appear to be entering 2026 with a sense of déjà vu. Natural gas has long been viewed by many as a trading commodity rather than a long-duration asset. Periodic pipeline maintenance and delays in downstream capacity additions have reinforced volatility at natural gas hubs such as Waha. Prices Remain Volatile, But The Floor Looks Better DefinedNatural gas prices are unlikely to lose their volatility anytime soon. LNG: The Marginal Demand DriverLiquefied natural gas exports, which have been ramping up for years, now sit at the center of U.S. natural gas fundamentals.