Industry Overview - The U.S. Energy Department reported a higher-than-expected increase in natural gas supplies, with stockpiles rising by 120 billion cubic feet (Bcf) for the week ended May 16, exceeding analysts' expectations of 118 Bcf [2] - Total natural gas stocks reached 2,375 Bcf, which is 333 Bcf (12.3%) below the 2024 level but 90 Bcf (3.9%) higher than the five-year average [3] - Daily natural gas consumption increased to 98.2 Bcf from 94.2 Bcf the previous week, driven by residential, commercial use, and stronger power demand due to warmer spring weather [4] Natural Gas Prices - Natural gas prices ended the week flat at $3.334/MMBtu despite volatility, as traders balanced rising supply with cautious sentiment [5] - The market is experiencing oversupply pressures, but forecasts of warmer weather could shift the tone, potentially leading to tighter market conditions [7] Company Focus - **Gulfport Energy**: A natural gas-focused exploration and production company with over 90% of its production in natural gas. The company has emerged from bankruptcy with a stronger balance sheet and a focus on free cash flow [8] - **Coterra Energy**: An independent upstream operator with around 65% of its production in natural gas. The company has a projected earnings growth rate of 20.3% over the next three to five years [10][11] - **Antero Resources**: A leading natural gas producer with a strong production outlook, having produced 306 billion cubic feet equivalent in the most recent quarter, with over 60% being natural gas [12]