Natural Gas Market Note | 05.04.2026
Bullish momentum continues despite lackluster weather-related demand.
NYMEX natural gas futures continued to push higher on Monday, marking the fourth straight day of gains for the prompt-month contract. June 2026 ended the day near $2.87 per MMBtu, up about 9 cents on the day. Gains were spread fairly evenly across the balance of summer, while Winter 2026-27 increased by about $0.10 per MMBtu to move back above the $4.00 level.
Today saw what could turn out to be the lowest combined population-weighted degree day total of the season, as heating and cooling needs were both minimal. The forecasted 5.1 degree days would be the lowest total since early May 2025, likely signaling the low point before more meaningful cooling needs materialize in the coming weeks.
Cooler-than-normal temperatures are expected to persist throughout the two-week period across most of the eastern two-thirds of the country. While the West is expected to remain much hotter than normal, energy demand will likely remain subdued deep into May barring any major pattern shifts.
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