Natural Gas Market Note | 07.08.2026
Gas futures lower near the front of the curve.
Natural gas prices were modestly lower on Wednesday, with the market still stuck in a sideways trading pattern. The August 2026 NYMEX contract fell 5 cents to finish at $3.21 per MMBtu, leaving the prompt month roughly flat on the week and slightly higher compared to this point last month. Balance-of-summer pricing also softened, while movement further out the curve was limited. Winter 2026-27 added 1 cent on the day but remains lower week over week and month over month.
Weather forecasts softened a bit in the East for the two-week outlook, further reinforcing the lack of urgency in the market. Heat has not disappeared, but the forecast is less impressive than it was heading into last week’s major demand event. That has kept prices rangebound, with no clear catalyst yet for a sustained move in either direction.
Thursday’s EIA storage report will reflect last week’s big heat wave, when power-sector demand climbed sharply to meet air-conditioning load across large parts of the country. According to The Wall Street Journal survey, analysts expect a 51 Bcf injection for the week ended July 3, with estimates ranging from 40 Bcf to 62 Bcf. That would be in line with the five-year average and would leave inventories near 2,973 Bcf, or 175 Bcf above that benchmark.
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