Natural Gas Market Note | 03.30.2026
May futures roll to the front of the curve and push sharply lower.
Natural gas prices kicked off the week on a down note, with relatively steep losses spreading across the Summer 2026 strip. The May 2026 contract became the prompt month today and began its run on the front of the curve by shedding about 14 cents, pushing back firmly below $3.00 per MMBtu support. Losses were less pronounced further out the curve, with Winter 2026–27 dropping by $0.08 and Summer 2027 falling by just $0.03 per MMBtu.
Today’s losses were likely driven by expectations for lackluster demand in the coming weeks. The populous eastern third of the U.S. appears poised to remain warmer than normal for the entire two-week period, eliminating any material lingering heating load as the injection season ramps up. The southern tier of the country is beginning to see cooling demand pick up, but beyond the next five days, warmth is expected to subside and revert to a more neutral pattern.
Despite bearish weather, the market continues to find a level of support from record LNG exports. Feedgas into the nation’s liquefaction terminals has been running near 20 Bcf per day and should see another uptick soon as Train 1 enters service at Golden Pass. The facility has been taking in a small volume of feedgas in recent months and reportedly produced its first LNG ahead of commercial operations. Train 1 is expected to add about 0.8 Bcf per day of new demand, with Trains 2 and 3 anticipated to come online over the next 18 months.
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