Natural Gas Market Note | 07.27.2026
August futures retreat to multi-year low.
Natural gas prices sold off sharply to start the week, with August NYMEX dropping $0.10 to finish at $2.77 per MMBtu with just two days left prior to expiration. The decline pushed that contract to its lowest level since 2021, falling out of the sideways pattern that had been in place since early July. Selling was concentrated through the upcoming winter strip, while longer-dated prices were more resilient and finished the day virtually unchanged.
Weather forecasts shifted a bit cooler over the weekend, adding some pressure to nearby futures, although there were no major changes to the broader outlook. Strong summer demand remains in place, particularly across Texas and the West, but the market continues to show little concern about the current balance. With August now trading to new lows, the near-term price trend now appears to be pointed lower.
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