Natural Gas Market Note | 04.10.2026
Futures end the week on a down note ahead of a stretch of mild weather.
Natural gas futures edged lower on Friday across the curve. The May 2026 contract ended the day 2 cents lower near $2.65 per MMBtu. Balance-of-Summer 2026 tested $3.00-per-MMBtu support throughout the day but ultimately finished just above that benchmark. This is the lowest pricing for this strip since February 2022. Losses were slightly more pronounced further out the curve, with the Winter 2026-27 strip dropping $0.03 to finish right at $4.00 per MMBtu ahead of the weekend.
Market participants continue to shrug off any signs of underlying fundamental tightness to instead focus on bearish near-term temperature outlooks. The next two weeks are expected to feature mild weather across the vast majority of the U.S., which will be limiting of weather-related energy needs. This has led to soft cash pricing across most key delivery hubs and is weighing on nearby futures.
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