Natural Gas Market Note | 02.18.2026
Support holds at $3.00 per MMBtu for the prompt-month NYMEX contract.
Natural gas futures were little changed on Wednesday, with prices rebounding from intraday lows to finish nearly flat on the day. The prompt-month March 2026 contract spent much of the session trading below key psychological support at $3.00 per MMBtu but ultimately settled just above that level. As trading continues through the balance of the week, the $3.00 mark will remain an important line in the sand, potentially standing in the way of further losses for the benchmark contract.
Temperature patterns are expected to turn cooler than normal across the populous eastern third of the country beyond the five-day period. However, the anomalies are expected to be generally soft and short-lived. The impact on incremental demand and underground storage inventories is expected to be minimal. late February and early March are expected to be marked by a return of widespread warmer-than-normal weather and limited heating needs.
Tomorrow’s storage report is expected by most to show a draw much smaller than what has been observed in recent weeks. The Wall Street Journal’s survey of analysts indicated consensus expectations for a withdrawal of 152 Bcf. Notably, responses to the survey came in an extremely wide range from draws of 100 to 239 Bcf. This could be an indication of elevated uncertainty heading into the EIA report tomorrow morning.
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