Natural Gas Market Note | 03.25.2026
Futures little changed amid major weather pattern shift.
NYMEX natural gas futures were virtually unchanged on Wednesday following a quiet trading session, with little volatility across the curve. The April 2026 contract was less than 1 cent higher, finishing just above $2.95 per MMBtu, while the rest of the curve was flat to modestly lower on the day.
The muted price action came as the market assesses a major warming pattern set to move across the eastern half of the country in the coming days. This will primarily limit heating demand in late March and early April, while beginning to drive the year’s first meaningful cooling demand in some southern markets.
Tomorrow’s storage report is expected to show the final net withdrawal of the season. The Wall Street Journal survey showed consensus forecasts for a draw near 50 Bcf. Responses ranged from draws of 41 to 68 Bcf, as analysts noted a strong uptick in residential and commercial demand during the report week due to a brief but significant cold snap. If the consensus draw is correct, it would narrow the surplus to the five-year average and year-ago inventories.
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