Natural Gas Market Note | 03.11.2026
NYMEX natural gas futures end higher after two days of declines.
Natural gas prices finished higher on the day, rising steadily throughout the trading session. The prompt-month contract settled above $3.20 per MMBtu, the highest daily settlement price for April 2026 delivery since February 6th. The next two seasons - Summer 2026 and Winter 2026/27 - gained nearly as much as the prompt, while deferred delivery months traded only marginally higher.
With a short-lived, late season cold shot in the 6-10 day temperature forecast and very mild days rolling off, the overall temperature outlook is trending less bearish for natural gas. Also helping to support NYMEX natural gas futures pricing is extremely weak daily spot pricing in the Permian Basin leading to voluntary production curtailments, with pricing at the Waha Hub trading below -$7.00 per MMBtu earlier this week and headline production estimates more than 2 Bcf per day lower than levels seen last week.
Tomorrow will see the release of weekly inventory data from the EIA, which is expected to show a withdrawal from storage of 46 Bcf for the week ending March 6th, with estimates ranging from a pull of 38 Bcf to a draw of 87 Bcf according to the Wall Street Journal’s survey.
As heating demand from the residential and commercial sectors continue to wane throughout the month, the market will shift focus to the progress of the natural gas storage refill season and expectations of peak storage levels ahead of next winter.
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