Natural Gas Market Note | 04.01.2026
Futures post the third straight day of losses.
Natural gas futures declined on Wednesday, with the market falling for a third consecutive day. The prompt-month May 2026 contract lost 6 cents to settle near $2.82 per MMBtu, with more pronounced losses deeper across the curve. Winter 2027–28 experienced the steepest drop, falling by $0.11 per MMBtu, but it remains the only seasonal strip over the next several years still above month-ago levels.
Wednesday’s $2.82-per-MMBtu settlement was the lowest for prompt-month natural gas since September, as the market continues to react to limited near-term price risk. Temperature patterns are expected to be mostly bearish over the next two weeks, which should limit weather-related demand as the market enters the traditional shoulder season. This should allow for robust storage injections through at least the first half of April.
Tomorrow’s storage report is expected to show a modest injection. The Wall Street Journal survey of analysts indicated a consensus forecast for a build near 22 Bcf, with at least one response calling for a net draw. This would widen the surplus to the five-year average, which saw a decline of 4 Bcf during the corresponding week.
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