Natural Gas Market Note | 07.15.2026
Futures holding ground amid major heat.
Natural gas futures were mixed on Wednesday, with modest gains at the front of the curve offset by slight weakness in the winter strip. The August 2026 contract added 2 cents to finish at $2.92 per MMBtu, while the balance-of-summer strip rose by the same amount to $2.91. Winter 2026–27 slipped 2 cents to $3.57 per MMBtu. Despite the relatively quiet session, prices remain sharply lower than both week-ago and month-ago levels across most of the curve.
Attention now turns to tomorrow’s storage report, with the Wall Street Journal survey pointing to a 44-Bcf injection for the week ended July 10. That would be nearly in line with the five-year average build of 45 Bcf, leaving the surplus largely unchanged at 184 Bcf. Although weather was relatively mild during the report week, wind generation output fell sharply, increasing the need for gas-fired power and likely contributing to a lighter build than the week prior. Analyst estimates range from 33 Bcf to 52 Bcf, while inventories are expected to remain 18 Bcf below year-ago levels.
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