Natural Gas Market Note | 06.30.2026
Prices rebound to maintain the recent trading range.
Natural gas futures bounced back to the upside on Tuesday following two straight days of declines. The August 2026 NYMEX contract added 9 cents in its second day at the front of the curve to finish near $3.28 per MMBtu. Price direction remains rangebound with a sideways bias for the time being, with the prompt-month contract trading mostly between $3.00 and $3.30 per MMBtu since late May as the market awaits a catalyst for a breakout. Gains were less pronounced beyond the balance of summer, with Winter 2026-27 adding 3 cents to finish the day at $3.78 per MMBtu.
Temperatures continue to ramp up across the Midwest and East, with the hottest days of this event still ahead. Power generation demand for natural gas was estimated above 47.5 Bcf on Tuesday, marking the highest daily reading so far this summer. Volumes are likely to exceed 50 Bcf per day later in the week. Heat is expected to peak on July 3 and 4 before anomalies soften and temperatures revert closer to normal for the remainder of the two-week forecast.
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