Natural Gas Market Note | 04.22.2026
"Quiet Rally" in gas futures extends into the sixth day.
Natural gas futures continued to trudge higher on Wednesday, marking the sixth straight day of slim gains for the benchmark contract. May 2026 settled about 2 cents higher near $2.72 per MMBtu, with similar gains recorded through Summer 2027. Contracts across the board are all up over the past week but remain lower than month-ago levels.
Cooler temperature forecasts for the remainder of April are conducive to lingering modest heating needs in northern market areas, but overall energy demand remains tepid. If widespread cool anomalies extend into mid-May, they will become overtly bearish by limiting early cooling demand across virtually the entire country.
Tomorrow’s storage report is expected to show by far the largest injection of the season. The market is anticipating a build of 94 Bcf, according to the consensus of the The Wall Street Journal survey of analysts. Responses came in a relatively wide range, spanning from a 62-Bcf build on the low end to the most aggressive estimate calling for an injection of 115 Bcf. The consensus build would further widen the surplus to the five-year average and year-ago inventories.
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