Natural Gas Market Note | 04.21.2026
Prices continue to edge higher amid tight trading range.
NYMEX futures continued to trade with low volatility on Tuesday. Following a week that saw a trading range of just 16 cents for the prompt-month contract, the first two days of this week has seen that range tighten further, with only $0.113 per MMBtu separating yesterday’s intraday high with today’s intraday low. The May 2026 contract finished the day less than a penny higher, with gains only slightly more pronounced for Winter 2026-27 and pricing essentially flat beyond March 2028
Even though daily gains have been muted and price action has been calm, the market has moved steadily higher over the past week. Today marked the fifth consecutive increase for the prompt-month contract, which has added about $0.10 per MMBtu over that stretch. Overall, it appears the market is still looking for direction against a backdrop of mostly bearish near-term fundamentals and tightening underlying supply.
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