Natural Gas Market Note | 06.03.2026
Summer pricing pushes higher ahead of the onset of widespread heat.
Natural gas futures were higher across the board on Wednesday, with most of the gains focused on the front of the curve. July and the remaining summer contracts ended the day up about 5 cents, with the prompt-month contract finishing near $3.21 and the summer strip near $3.23 per MMBtu. The rest of the curve was up by only about a penny on average, with price volatility remaining mostly focused on near-term deliveries.
Temperature forecasts continue to favor widespread warmer-than-normal anomalies beginning in the next several days and stretching beyond mid-month. While no major heat waves appear to be on the horizon, current outlooks are conducive to elevated air-conditioning needs across much of the U.S., which should continue to support strong power burn for natural gas.
Tomorrow’s storage report is expected to show the third triple-digit build of the season. The Wall Street Journal’s survey of analysts showed consensus expectations for a build of 105 Bcf, which would be the strongest of the season to date. The responses came in an especially wide range, spanning from 91 to 131 Bcf, indicating some market uncertainty heading into the weekly EIA report.
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