After a decade of stalled investment and lackluster returns, U.S. natural gas storage assets are entering a new era of performance. Rising firm storage service (FSS) lease rates, widening seasonal price spreads, and growing price volatility signal the arrival of Storage Supercycle 2.0 — a structural resurgence driven by under-investment over the prior decade colliding with accelerating gas demand growth. Brownfield expansions are underway, greenfield capacity additions are being actively pursued, and M&A valuations are climbing as strategic and financial investors re-engage with storage assets.