The futures curve describes the shape of natural gas futures prices across delivery months. When near-term contracts trade higher than later months, the curve is in backwardation; when deferred contracts trade higher, the curve is in contango. In the past six months, the Henry Hub curve shifted between mild contango and backwardation as supply‑demand expectations fluctuated. Traders watch the curve shape to infer storage economics and market sentiment; the outlook over the next six months suggests moderate contango as storage remains above the five‑year average.
