Natural Gas Market Note | 06.23.2026
Futures retreat back to the middle of the recent range.
After finishing well below the daily highs on Monday, the downward momentum from yesterday afternoon carried into Tuesday’s trading session. Natural gas futures trended lower throughout the day, with the prompt-month July 2026 NYMEX contract finishing down nearly 11 cents at $3.15 per MMBtu. Losses were slightly less pronounced for winter delivery, with the Nov26-Mar27 strip falling by 7 cents to settle near $3.76 per MMBtu.
Both the prompt-month continuation and the Winter 2026-27 strip remain well within their respective June trading ranges as the market continues to seek direction amid mixed fundamental signals. With LNG exports weighing heavily on net supply and temperatures heating up, the next several weeks will be telling for the trajectory of mid-summer storage growth. If inventories can maintain their cushion to the five-year average, it would ease some concerns and likely keep a lid on prices. On the other hand, if inventories begin losing ground to that benchmark and fall further behind year-ago levels, the market could see a break to the upside.
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