Natural Gas Market Note | 05.05.2026
Gas futures give up some of the recent gains.
NYMEX natural gas reversed course on Tuesday, giving up some of its recent gains amid lackluster demand and a lull in LNG exports. The prompt-month June 2026 contract lost about 8 cents to settle just below $2.80 per MMBtu. Losses were spread fairly evenly across the curve through March 2027, with deliveries beyond that date holding firmer in comparison. Notably, the Winter 2026-27 strip, which broke back above $4.00 per MMBtu yesterday, saw that level hold that level as support into Tuesday’s close.
In addition to mild temperatures keeping a lid on weather-related demand, this week has seen a downturn in LNG feedgas volumes. Flows had been running consistently above 20 Bcf per day, but recent data shows a dip below 18 Bcf per day, with most of the reduction coming from Corpus Christi, Calcasieu Pass, and Cameron LNG. Combined, these three terminals are showing flows around 2.5 Bcf per day below demonstrated maximums, which appears to be tied to scheduled maintenance. Feedgas across all facilities will likely rebound in the coming days and weeks as maintenance is completed.
An archive of Daily Natural Gas Market Notes can be found here.