Natural Gas Market Note | 07.22.2026
Prices recover early losses to finish nearly unchanged.
Natural gas futures the most meaningful gains in weeks on Wednesday, with gains extending across the curve. The August 2026 contract rose 6 cents to $2.93 per MMBtu, while the upcoming winter strip gained 7 cents to $3.60. Gains were extended in after-hours trading, with benchmark pricing pushing closer to the $3.00 level. Prices are now flat to modestly higher over the past week, although most contracts remain well below levels from one month ago.
More persistent heat in Texas and stronger natural gas demand from power generators appear to be combining to provide support. The Wall Street Journal survey points to a 34-Bcf injection for the week ended July 17, down from 41 Bcf the previous week, although still slightly above the five-year average of 30 Bcf. Even so, sustained heat and firmer power-sector consumption have helped the market regain some footing ahead of Thursday’s storage report.
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