Natural Gas Market Note | 04.09.2026
Prices continue lower following storage report.
Natural gas futures continued to push lower on Thursday, with volatility remaining relatively subdued amid a lack of bullish catalysts. The May 2026 NYMEX contract lost 5 cents to finish near $2.67 per MMBtu. Losses were less pronounced beyond the front of the forward curve, with deliveries through Winter 2026–27 edging closer to the lower boundary of the 2026 trading range.
The EIA storage report offered little in the way of new direction for the market, as the reported 50-Bcf build was essentially in line with consensus expectations. Inventories remain at a modest surplus to both last year and the five-year average. Next week’s report is currently expected to show a slightly smaller build before injections pick up in the following weeks. With mild temperature forecasts for at least the next two weeks, demand will continue its seasonal decline before cooling load begins to drive increased consumption heading into the peak summer months.
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