Natural Gas Market Note | 05.29.2026
Winter natural gas ends the week on a strong note, while the front of the curve finishes flat.
Natural gas futures finished mixed on Friday, with the front of the curve fading through the session while winter contracts saw firmer buying to close out the month. The July 2026 NYMEX contract was higher earlier in the day but gave back those gains to finish unchanged at $3.29 per MMBtu. The balance of summer added about a penny, while Winter 2026–27 gained about 5 cents. That relative strength in winter is notable after recent sessions where the summer strip has carried most of the bullish momentum.
Summer contracts finished the month meaningfully higher, with July up about 35 cents and the remainder of the season up about 28 cents, while deferred strips were flat to slightly lower. Winter 2026–27 slipped about 2 cents on the month, and 2027 and 2028 each finished modestly lower. The market continues to treat the recent bullish shift as a near-term summer issue rather than a full-curve repricing.
Weather remains the main driver heading into June. Forecasts are setting up for a warmer shift across the East, which should help lift cooling demand after a stretch of milder conditions across major population centers. Texas, however, still looks to be spared from significant heat in the near term, limiting the upside risk for power burn.
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