Natural Gas Market Note | 03.18.2026
Natural gas surges in after-hours trading after a relatively quiet session.
NYMEX natural gas futures traded in a tight range for most of Wednesday before catching a wave of momentum in after-hours trading. The April 2026 contract posted a daily settlement of $3.065 per MMBtu, up about 3 cents on the day. However, in trading beyond the 2:30 Eastern settlement, that contract surged another $0.13 per MMBtu and, at the time of writing, is trading near $3.20 per MMBtu. After-hours gains are even more pronounced further out the curve, with the January 2026 contract now up more than 30 cents from Tuesday’s settlement, trading near $5.45 per MMBtu.
The wave of after-hours volatility appears to be in sympathy with the broader energy market, as traders digest news of an Iranian attack on a major Qatari LNG hub that is reported to have caused “extensive damage.” Refineries and oil fields across the region are reportedly being evacuated as a precaution, as they are considered potential targets for future attacks.
As discussed previously in this space, the U.S. has no immediate means to respond to a global LNG shortage, as the nation’s liquefaction terminals are already operating near capacity. However, NYMEX pricing is subject to sympathy trading during periods of global market volatility. Tomorrow’s trading session should be telling as to whether this afternoon’s price movement has staying power.
Tomorrow’s storage report is expected to show the first net injection of 2026. The Wall Street Journal’s survey of analysts showed a consensus forecast for a 26-Bcf build for the week ended March 13. Responses ranged as high as a 50-Bcf build, with one estimate calling for a 46-Bcf net withdrawal. The consensus build would expand the surplus to year-ago levels and flip inventories back to a surplus relative to the five-year average as well.
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