Natural Gas Market Note | 07.23.2026
Futures finish mixed following natural gas storage report.
Natural gas futures finished mixed on Thursday, with the August 2026 contract slipping by a penny to $2.92 per MMBtu while most of the forward curve moved higher. August tested $3.00 resistance early in the day but was unable to hold onto initial gains. Winter 2026–27 gained 6 cents to $3.66 per MMBtu and is now up 13 cents over the past week. Despite the recent rebound, prices across the curve remain below month-ago levels, although those losses have narrowed considerably.
Today’s storage report showed a 32-Bcf injection, the smallest build since the beginning of the injection season. The data implies that market fundamentals tightened by nearly 1.5 Bcf per day from the previous week as warmer temperatures and weaker wind generation increased demand from natural gas-fired power generators. Reduced LNG feedgas demand and marginally higher production provided some offset, but the balance should tighten further as persistent heat in Texas continues to support elevated power-sector consumption.
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