Natural Gas Market Note | 06.05.2026
Futures give up yesterday's gains ahead of the weekend.
Natural gas futures gave back most of Thursday’s gains, leaving the front of the curve lower on both the day and the week. The July contract finished near $3.23 per MMBtu, down 11 cents on the day and 6 cents on the week, while the balance of summer settled near $3.26, down 10 cents day over day and 5 cents week over week. The selloff was most pronounced in near-term contracts, with deferred strips posting more modest losses.
The move lower came despite the market still staring down the most significant heat of the season so far next week. Forecasts softened slightly compared to Thursday’s outlook, which likely helped take some of the urgency out of the rally, but temperatures are still expected to run warm enough across key population centers to push cooling demand meaningfully higher. Power generation demand has already been running near the strongest levels of the season and should climb further as next week’s heat arrives.
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