Natural Gas Market Note | 05.14.2026
Summer pricing reverses higher on a smaller-than-expected storage build.
NYMEX natural gas futures were higher through the balance of summer on Thursday, with contracts from June through October adding 3 cents on average. The prompt-month contract ended the day near $2.89 per MMBtu, moving toward the top of the trading range that has been in place since late March. Meanwhile, Winter 2026-27 moved in the opposite direction, giving up about $0.02 per MMBtu to settle near $3.88 per MMBtu. This marks the lowest daily settlement for Winter 2026-27 since early 2022.
The EIA’s storage report showed a build of 85 Bcf for the first full week of May. The implications of the data are a bit of a mixed bag. The number came in just 1 Bcf higher than the five-year average for the same week, while lagging the year-ago benchmark considerably. Additionally, most market participants were expecting a slightly larger build, indicating that fundamental models may have depicted a looser balance than actually materialized.
Summer futures prices were down early in the day but reversed higher immediately following the EIA report. The initial push brought the market back to about flat on the day, with upward momentum carrying into the afternoon settlement.
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