Natural Gas Market Note | 04.14.2026
Futures drift lower for the fifth straight day.
Natural gas futures continued to push lower on Tuesday amid a lack of immediate bullish fundamental drivers. The May 2026 contract ended the day just below $2.60 per MMBtu, down 3 cents. The Winter 2026-27 strip declined at a sharper clip, falling by $0.07 to settle near $3.90 per MMBtu, which is the lowest daily close for that strip since before the January cold snap. The forward market has now essentially given up any premium that had been built into the curve following that event.
The primary domestic driver remains the bearish near-term temperature outlook. With mild weather forecast through the end of April, the market is unconcerned about an early wave of cooling demand, while any substantial heating load is firmly in the rearview mirror. Until the market observes a change in weather or sees a tangible impact from tightening underlying supply, the path of least resistance will likely remain sideways to lower.
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