Natural Gas Market Note | 06.26.2026
July falters in its final hour before expiration.
The July 2026 NYMEX futures contract fell by just over 11 cents to expire Friday afternoon at $3.231 per MMBtu. The expiration price was more than 20 cents below the morning intraday highs, as a wave of selling interest reversed the market lower in the hour or so before settlement. The rest of the curve was also firmer early in the session but settled down modestly on the day.
July’s expiration price was the highest since the February contract rolled off the board at $7.46, bringing the average 2026 settlement to $3.863 per MMBtu. This also marks the fifth consecutive NYMEX contract to expire south of the corresponding month in 2025, although the July 2026 expiration was just 3 cents below July 2025.
With the most significant heat of the season on tap for next week, demand from power generators should hit summer highs. So far, the market appears to be in wait-and-see mode regarding forecasts beyond next week. Any extension of major heat would help fuel bullish sentiment, while a reversion to a milder temperature outlook would likely keep prices rangebound.
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