Natural Gas Market Note | 04.13.2026
Natural gas gives up early gains to finish slightly lower on the day.
NYMEX futures ended lower on Monday, marking the fourth straight daily loss for prompt-month natural gas. The May 2026 contract settled just below $2.63 per MMBtu, off 2 cents on the day. May has given up more than $0.45 per MMBtu since rolling to the front of the curve late last month. Losses were more substantial for Calendar 2027, which fell by $0.04 on the day to finish near $3.59 per MMBtu.
Natural gas was continues to be mostly insulated from broader energy market volatility. The prompt-month contract traded in a range of less than 11 cents, or about 4%, from the daily low to the daily high. Meanwhile, benchmark oil futures traded in a range of more than 8% between $97 and $106 per barrel as the market faced uncertainty about supply moving through the Strait of Hormuz.
Temperature patterns in the U.S. are expected to remain bearish for the foreseeable future. With warmer-than-normal temperatures expected to blanket most of the eastern half of the country, heating needs will be minimal as spring progresses. The South, which is beginning to see growing cooling demand at this point in the year, is forecast to remain relatively mild, putting a cap on early-summer cooling needs for now.
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