Energy Market Intelligence
Natural Gas · Temperature Demand · EIA Storage · CFTC Positioning
Week of June 12, 2026 Next EIA storage release: June 11, 2026
Data sources: Open-Meteo · EIA · CFTC · NOAA
Demand Signal Bearish Below-normal heating demand — New England warmer than normal, Midwest warmer than normal
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ENSO ENSO: Neutral (ONI +0.48°C) — trending warmer, watch for El Niño development
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Implication Neutral ENSO conditions offer no systematic temperature bias. Regional weather patterns will dominate seasonal demand.
Energy Market Intelligence — June 12, 2026 Data through: EIA: 2026-05-29 · COT: 2026-06-02 Source: SoftSignal Research | https://reports.getsoftsignal.com/2026/energy_market_intelligence_284c276a.html EIA NATURAL GAS STORAGE: Working gas L48 2,578 Bcf +86 Bcf vs 5-yr avg COT POSITIONING — NATURAL GAS (NYMEX): Managed Money -114,730 cts 50th pct neutral ENSO STATUS: Neutral ONI +0.48°C Neutral ENSO conditions offer no systematic temperature bias
Weather: 2026-06-09 Storage: 2026-05-29 COT: 2026-06-02
Storage
2,578 Bcf
Working gas L48 · 2026-05-29 · +86 Bcf vs. 5-yr avg
Henry Hub
$3.070/MMBtu
Spot price · week of 2026-06-05
NG MM Net
-114,730 cts
Managed money net · 2026-06-02
NG MM Gross Long
189,718 cts
Managed money gross long contracts
NG MM Gross Short
304,448 cts
Managed money gross short contracts
ENSO Phase
Neutral
ONI +0.48°C · MAM 2026
ENSO context: Neutral ENSO conditions offer no systematic temperature bias. Regional weather patterns will dominate seasonal demand.

Blue bars = colder than normal (bullish gas demand). Red bars = warmer than normal (bearish gas demand). HDD = heating demand; CDD = cooling demand; base 65°F.

HDD and CDD deviation from 30-year normal by energy region
RegionHDD deviation (°F·day)CDD deviation (°F·day)
New England-2.2+3.2
New York-0.8+0.0
Mid-Atlantic-0.6+1.8
Midwest-0.8+6.6
Southeast-0.0+1.7
Texas-0.0+2.1
Southwest-1.7+3.8
Pacific NW+2.1-0.3
California-0.6-0.5
New England
CT · MA · ME · NH · RI · VT — Algonquin Citygate
HDD today 0.0 -2.2 vs. normal
CDD today 5.9 +3.2 vs. normal
7-day HDD vs. normal -10
8–14 day HDD vs. normal +4
↓ Warmer than normal
New York
New York state — Transco Zone 6
HDD today 0.0 -0.8 vs. normal
CDD today 4.5 +0.0 vs. normal
7-day HDD vs. normal -4
8–14 day HDD vs. normal -1
↓ Warmer than normal
Mid-Atlantic
DE · MD · NJ · PA · VA · WV · OH · IN · IL · MI — Chicago Citygate
HDD today 0.0 -0.6 vs. normal
CDD today 8.2 +1.8 vs. normal
7-day HDD vs. normal -3
8–14 day HDD vs. normal -1
→ Near normal
Midwest
MN · WI · IA · MO · ND · SD · LA · AR — Mid-Continent
HDD today 0.0 -0.8 vs. normal
CDD today 14.4 +6.6 vs. normal
7-day HDD vs. normal -2
8–14 day HDD vs. normal +1
→ Near normal
Southeast
AL · FL · GA · SC · TN — Southeast Electric Reliability
HDD today 0.0 -0.0 vs. normal
CDD today 14.5 +1.7 vs. normal
7-day HDD vs. normal -0
8–14 day HDD vs. normal +0
→ Near normal
Texas
Texas grid — Houston Ship Channel · Waha Hub
HDD today 0.0 -0.0 vs. normal
CDD today 17.3 +2.1 vs. normal
7-day HDD vs. normal -0
8–14 day HDD vs. normal +0
→ Near normal
Southwest
AZ · NV · UT · CO · NM · WY · ID — Opal Hub (Wyoming)
HDD today 0.1 -1.7 vs. normal
CDD today 16.9 +3.8 vs. normal
7-day HDD vs. normal -5
8–14 day HDD vs. normal -2
↓ Warmer than normal
Pacific NW
WA · OR · MT — Sumas · Pacific Northwest
HDD today 8.8 +2.1 vs. normal
CDD today 0.1 -0.3 vs. normal
7-day HDD vs. normal -15
8–14 day HDD vs. normal -19
↓ Warmer than normal
California
California — SoCal Citygate · PG&E territory
HDD today 0.8 -0.6 vs. normal
CDD today 3.2 -0.5 vs. normal
7-day HDD vs. normal -7
8–14 day HDD vs. normal -1
↓ Warmer than normal
Regional temperature and HDD/CDD deviation summary by energy region
RegionAreaHDD TodayHDD DevCDD TodayCDD Dev7-Day HDD Dev8-14 Day HDD DevSignal
New EnglandCT · MA · ME · NH · RI · VT — Algonquin Citygate0.0-2.25.9+3.2-10+4↓ Warmer than normal
New YorkNew York state — Transco Zone 60.0-0.84.5+0.0-4-1↓ Warmer than normal
Mid-AtlanticDE · MD · NJ · PA · VA · WV · OH · IN · IL · MI — Chicago Citygate0.0-0.68.2+1.8-3-1→ Near normal
MidwestMN · WI · IA · MO · ND · SD · LA · AR — Mid-Continent0.0-0.814.4+6.6-2+1→ Near normal
SoutheastAL · FL · GA · SC · TN — Southeast Electric Reliability0.0-0.014.5+1.7-0+0→ Near normal
TexasTexas grid — Houston Ship Channel · Waha Hub0.0-0.017.3+2.1-0+0→ Near normal
SouthwestAZ · NV · UT · CO · NM · WY · ID — Opal Hub (Wyoming)0.1-1.716.9+3.8-5-2↓ Warmer than normal
Pacific NWWA · OR · MT — Sumas · Pacific Northwest8.8+2.10.1-0.3-15-19↓ Warmer than normal
CaliforniaCalifornia — SoCal Citygate · PG&E territory0.8-0.63.2-0.5-7-1↓ Warmer than normal

Blue = colder than normal (↑ heating demand, bullish for gas). Red = warmer than normal (↓ heating demand, bearish for gas). State shading reflects the dominant energy region assignment.

US temperature anomaly by energy region for choropleth map
RegionTemperature Anomaly Signal (°F·day)Direction
New England+5.35Warmer than normal
New York+0.86Warmer than normal
Mid-Atlantic+2.40Warmer than normal
Midwest+7.34Warmer than normal
Southeast+1.69Warmer than normal
Texas+2.15Warmer than normal
Southwest+5.53Warmer than normal
Pacific NW-2.41Colder than normal
California+0.15Warmer than normal

HDD deviation = forecast minus 30-yr normal. Positive = colder than normal. Gold diamonds show last week's forecast for the same 8–14 day window — the gap is the forecast revision direction.

7-day and 8-14 day HDD forecast deviation by energy region
RegionDays 1–7 HDD vs. NormalDays 8–14 HDD vs. Normal8–14 Day Prior ForecastRevision
New England-10.5+3.5-6.4+9.9
New York-4.3-1.3-2.6+1.3
Mid-Atlantic-2.7-1.2-1.8+0.6
Midwest-2.0+1.2-1.7+2.9
Southeast-0.0+0.2-0.0+0.2
Texas-0.0+0.2-0.0+0.2
Southwest-5.3-2.5-4.6+2.1
Pacific NW-15.3-19.1-34.9+15.8
California-7.0-1.2-6.3+5.1
📍 Regional Deep Dive — 16-Day Forecast
Select Region
New England is running 2.2 HDD·day warmer than normal today. Outlook: the 7-day outlook extends -11 HDD vs. normal; the 8–14 day window returns near normal. Suppressed heating demand — bearish near-term gas signal.

Solid lines = GFS model forecast (Open-Meteo). Dotted lines = 30-year climate normal (1991–2020 ERA5 baseline). Gold vertical line = today (separates actuals from forecast). Base temperature 65°F. Values are population-weighted within each energy region.

16-day HDD and CDD forecast vs 30-year normal, population-weighted by energy region. Select region buttons to view all nine US energy regions.
DateRegionHDDHDD NormalHDD DeviationCDDCDD NormalCDD DeviationIs Forecast
2026-06-02New England6.13.7+2.40.01.8-1.8Actual
2026-06-03New England0.14.1-3.92.71.1+1.5Actual
2026-06-04New England0.05.1-5.17.20.9+6.3Actual
2026-06-05New England0.04.9-4.98.90.9+8.1Actual
2026-06-06New England0.54.6-4.17.91.1+6.9Actual
2026-06-07New England0.23.9-3.77.31.8+5.5Actual
2026-06-08New England0.32.5-2.20.72.8-2.2Actual
2026-06-09New England0.02.2-2.25.92.7+3.2Forecast
2026-06-10New England0.01.8-1.810.32.6+7.7Forecast
2026-06-11New England0.02.2-2.29.02.9+6.1Forecast
2026-06-12New England1.12.1-1.03.92.5+1.4Forecast
2026-06-13New England0.22.8-2.63.62.4+1.2Forecast
2026-06-14New England0.12.4-2.37.22.6+4.7Forecast
2026-06-15New England3.92.4+1.50.02.3-2.3Forecast
2026-06-16New England4.51.7+2.80.02.1-2.1Forecast
2026-06-17New England4.41.4+3.00.03.2-3.2Forecast
2026-06-18New England0.81.2-0.40.63.7-3.2Forecast
2026-06-19New England0.00.8-0.85.74.4+1.3Forecast
2026-06-20New England0.10.4-0.34.24.2+0.0Forecast
2026-06-21New England0.10.3-0.26.84.3+2.4Forecast
2026-06-22New England0.00.6-0.62.54.2-1.7Forecast
2026-06-23New England0.30.7-0.42.64.3-1.7Forecast
2026-06-24New England0.00.5-0.52.54.9-2.4Forecast

Weekly EIA storage report. Red = current; gold = 5-year average; teal = prior year.

EIA natural gas working gas in storage, weekly, with 5-year average and surplus deficit
DateStorage (Bcf)Wk Change (Bcf)5-Yr Avg (Bcf)Prior Year (Bcf)Surplus/Deficit (Bcf)Surplus/Deficit (%)
2025-12-053,735-1783,5953,735+140+3.9%
2025-12-123,569-1663,4913,569+78+2.2%
2025-12-193,401-1683,3523,401+49+1.5%
2025-12-263,364-373,2683,364+96+2.9%
2026-01-023,244-1203,1653,373+79+2.5%
2026-01-093,174-702,9873,115+187+6.3%
2026-01-163,054-1202,7912,892+263+9.4%
2026-01-232,813-2412,5652,571+248+9.7%
2026-01-302,454-3592,3932,397+61+2.5%
2026-02-062,202-2522,2572,297-55-2.4%
2026-02-132,059-1432,0982,101-39-1.9%
2026-02-202,007-521,9631,840+44+2.2%
2026-02-271,876-1311,8871,760-11-0.6%
2026-03-061,838-381,8431,698-5-0.3%
2026-03-131,872+341,8161,707+56+3.1%
2026-03-201,818-541,8141,744+4+0.2%
2026-03-271,851+331,8061,773+45+2.5%
2026-04-031,900+491,8421,830+58+3.1%
2026-04-101,960+601,8881,846+72+3.8%
2026-04-172,063+1031,9511,934+112+5.7%
2026-04-242,142+792,0232,041+119+5.9%
2026-05-012,205+632,1052,145+100+4.7%
2026-05-082,290+852,1932,255+97+4.4%
2026-05-152,391+1012,2932,375+98+4.3%
2026-05-222,483+922,3882,476+95+4.0%
2026-05-292,578+952,4922,598+86+3.4%

Monthly averages in Bcfd. Power burn vs. 5-yr avg shows demand-side pressure; production and LNG provide supply context. EIA data; latest available ~2 months lag.

Henry Hub weekly average spot price. EIA daily series → weekly average. Regional basis data (Algonquin, Transco Z6, Chicago, SoCal, Opal) pending NGI data feed subscription.

CFTC COT Positioning
Managed money holds a net position of -114,730 contracts (13th percentile vs. full history since 2010). Week-over-week change: +19,373 contracts. Gross long: 189,718 (34th pct) · Gross short: 304,448 (86th pct).
Positioning at historically low/short levels.

Managed money (hedge funds & CTAs) net long position by week of year, seasonal overlay. Extreme readings historically coincide with price turning points. Gold line = Henry Hub front-month price.

Natural Gas CFTC managed money and commercial net positioning, trailing 52 weeks
DateMM Net (contracts)MM Week-over-WeekCommercial NetOpen Interest
2025-06-10-84,420-31,656+95,8091,565,051
2025-06-17-63,260+21,159+76,2731,556,519
2025-06-24-60,725+2,536+76,4461,518,525
2025-07-01-51,629+9,096+73,1591,522,714
2025-07-08-47,125+4,504+69,1611,543,718
2025-07-15-19,525+27,600+60,2191,575,124
2025-07-22-30,039-10,514+62,9531,552,964
2025-07-29-13,005+17,035+69,7671,571,074
2025-08-05-27,727-14,722+78,4461,629,552
2025-08-12-50,752-23,025+81,9151,641,970
2025-08-19-36,785+13,967+91,8121,627,068
2025-08-26-44,343-7,559+89,4661,633,747
2025-09-02-36,950+7,393+89,7111,650,508
2025-09-09-24,979+11,971+83,5391,647,371
2025-09-16-23,288+1,692+104,6271,655,846
2025-09-23-63,286-39,998+122,4181,646,354
2025-09-30-31,367+31,919+118,2201,669,212
2025-10-07-32,765-1,399+134,9341,653,078
2025-10-14-75,067-42,302+144,4661,689,162
2025-10-21-45,289+29,778+150,8171,697,865
2025-10-28-41,787+3,502+139,1941,639,227
2025-11-04-44,315-2,528+127,3771,587,905
2025-11-10-52,984-8,669+124,8061,548,544
2025-11-18-59,648-6,662+121,8291,522,819
2025-11-25-65,361-5,713+125,6121,504,302
2025-12-02-39,905+25,456+113,1001,535,955
2025-12-09-30,862+9,043+85,2471,564,010
2025-12-16-65,722-34,862+118,2651,592,965
2025-12-23-105,906-40,183+148,6821,575,569
2025-12-30-83,730+22,176+145,1461,545,577
2026-01-06-100,174-16,444+155,8861,610,205
2026-01-13-104,049-3,875+174,7091,652,342
2026-01-20-77,014+27,035+182,1711,636,626
2026-01-27-21,970+55,044+152,2831,646,811
2026-02-03+106+22,076+163,6091,676,452
2026-02-10-8,128-8,234+160,0311,643,074
2026-02-17-26,840-18,712+176,1461,633,915
2026-02-24-75,706-48,866+184,0911,630,910
2026-03-03-75,910-203+184,8091,621,447
2026-03-10-62,574+13,335+164,6511,584,208
2026-03-17-44,600+17,975+158,1221,577,306
2026-03-24-54,529-9,930+154,5351,520,594
2026-03-31-68,022-13,492+149,0811,525,975
2026-04-07-86,410-18,388+162,8751,570,957
2026-04-14-114,268-27,857+173,3181,599,878
2026-04-21-100,497+13,770+152,4581,591,158
2026-04-28-97,345+3,152+151,7811,588,956
2026-05-05-107,457-10,111+153,5531,640,055
2026-05-12-119,870-12,414+159,3911,641,104
2026-05-19-96,289+23,582+171,8931,614,121
2026-05-26-134,104-37,816+190,7151,647,784
2026-06-02-114,730+19,373+174,0001,673,295
Supporting Energy Markets — Crude Oil & Heating Oil
WTI Crude Oil  MM net: +124,25917th pct WoW: +8,496  L: 221,670 (29th) · S: 97,411 (81th)
WTI Crude Oil CFTC managed money net positioning, trailing 52 weeks
DateMM Net (contracts)MM Week-over-WeekOpen Interest
2025-06-10+179,134+16,0572,575,353
2025-06-17+176,256-2,8782,607,787
2025-06-24+164,559-11,6972,625,515
2025-07-01+178,100+13,5412,621,571
2025-07-08+148,106-29,9942,628,528
2025-07-15+96,106-52,0002,698,109
2025-07-22+86,088-10,0172,529,772
2025-07-29+87,840+1,7522,592,528
2025-08-05+78,826-9,0142,598,545
2025-08-12+49,264-29,5632,570,247
2025-08-19+29,686-19,5782,399,868
2025-08-26+24,225-5,4612,385,071
2025-09-02+27,287+3,0622,462,489
2025-09-09+12,657-14,6302,439,460
2025-09-16+38,904+26,2472,452,877
2025-09-23+29,410-9,4942,358,166
2025-09-30+18,386-11,0242,469,965
2025-10-07-15,671-34,0572,492,297
2025-10-14-25,085-9,4142,595,395
2025-10-21-29,995-4,9112,468,711
2025-10-28+4,590+34,5842,375,562
2025-11-04+22,651+18,0612,409,632
2025-11-10+3,178-19,4732,390,711
2025-11-18-3,321-6,4992,242,146
2025-11-25-28,555-25,2342,314,741
2025-12-02-29,425-8702,335,339
2025-12-09+10,745+40,1692,308,356
2025-12-16+11,091+3472,322,931
2025-12-23+17,666+6,5752,267,166
2025-12-30+19,711+2,0452,295,914
2026-01-06+22,580+2,8712,382,115
2026-01-13+42,507+19,9262,533,712
2026-01-20+53,434+10,9272,438,338
2026-01-27+62,991+9,5572,585,126
2026-02-03+80,377+17,3872,688,721
2026-02-10+86,314+5,9362,680,183
2026-02-17+81,219-5,0952,577,058
2026-02-24+98,187+16,9672,724,561
2026-03-03+108,421+10,2352,889,103
2026-03-10+136,419+27,9983,138,821
2026-03-17+147,861+11,4423,011,766
2026-03-24+148,985+1,1252,952,171
2026-03-31+130,717-18,2703,039,583
2026-04-07+137,838+7,1213,128,586
2026-04-14+144,243+6,4063,085,567
2026-04-21+143,401-8432,804,594
2026-04-28+135,501-7,9002,893,767
2026-05-05+131,956-3,5453,009,504
2026-05-12+129,583-2,3733,032,488
2026-05-19+138,774+9,1922,778,530
2026-05-26+115,762-23,0122,742,161
2026-06-02+124,259+8,4962,761,111
NY Harbor ULSD  MM net: +12,16043th pct WoW: +4,430  L: 30,160 (29th) · S: 18,000 (37th)
NY Harbor ULSD CFTC managed money net positioning, trailing 52 weeks
DateMM Net (contracts)MM Week-over-WeekOpen Interest
2025-06-10+15,561+9,790353,463
2025-06-17+12,787-2,774333,079
2025-06-24+27,334+14,547317,332
2025-07-01+27,249-85344,106
2025-07-08+33,049+5,800367,229
2025-07-15+40,604+7,555370,715
2025-07-22+38,945-1,658384,477
2025-07-29+41,206+2,261375,269
2025-08-05+26,899-14,307369,481
2025-08-12+27,770+871380,173
2025-08-19+32,412+4,643382,074
2025-08-26+33,105+693378,648
2025-09-02+39,045+5,940377,552
2025-09-09+25,805-13,241396,687
2025-09-16+24,055-1,750410,850
2025-09-23+21,511-2,543425,591
2025-09-30+32,465+10,953416,527
2025-10-07+18,297-14,168410,343
2025-10-14+11,856-6,441420,147
2025-10-21+11,564-293408,678
2025-10-28+25,793+14,230385,034
2025-11-04+32,089+6,296376,492
2025-11-10+37,458+5,370382,206
2025-11-18+37,615+156402,936
2025-11-25+21,786-15,829356,805
2025-12-02+21,015-771361,751
2025-12-09+19,785-1,230370,784
2025-12-16+12,526-7,259364,343
2025-12-23+3,180-9,346360,436
2025-12-30+3,627+447353,481
2026-01-06+577-3,050363,276
2026-01-13-5,942-6,519381,401
2026-01-20-1,110+4,832412,974
2026-01-27+10,612+11,722400,218
2026-02-03+24,325+13,714384,174
2026-02-10+20,315-4,009378,033
2026-02-17+12,592-7,724394,972
2026-02-24+22,524+9,933378,635
2026-03-03+22,702+178325,938
2026-03-10+19,776-2,927304,224
2026-03-17+23,406+3,630285,275
2026-03-24+18,625-4,781275,128
2026-03-31+19,707+1,082250,551
2026-04-07+18,062-1,645245,616
2026-04-14+16,745-1,317259,082
2026-04-21+14,014-2,731263,440
2026-04-28+12,577-1,437254,558
2026-05-05+11,768-809257,574
2026-05-12+9,606-2,162275,753
2026-05-19+10,793+1,188270,531
2026-05-26+7,730-3,064254,519
2026-06-02+12,160+4,430256,065

4-week rolling average in thousand barrels/day. Product supplied is EIA's proxy for domestic consumption. Gasoline reflects passenger transport demand; distillate captures trucking, industrial, and heating demand. Source: EIA Weekly Petroleum Status Report (Wednesday release).

3-2-1 crack spread: (2 × RBOB + ULSD − 3 × WTI) ÷ 3 in $/barrel. Measures refinery margin and the incentive to process crude. Wide spreads indicate strong product demand relative to crude; compressed or negative spreads signal demand weakness or crude premium. Derived from front-month futures. Raw component prices not shown.