Natural Gas Market Note | 08.05.2026
Futures hold steady ahead of Thursday's storage report.
Natural gas futures were little changed on Wednesday, with the September 2026 contract adding $0.01 to settle near $2.69 per MMBtu. Most of the forward curve slipped by $0.01 or remained flat, leaving prices broadly lower on the week. Nearby contracts continue to show the most pronounced weakness, with September down $0.44 over the past month and the balance of 2026 lower by $0.35.
Attention now turns to Thursday’s storage report, with the latest Wall Street Journal survey calling for a 31-Bcf injection for the week ended July 31. That would be only modestly stronger than the previous week’s build, as hot weather supported power-sector demand despite strong production and limited LNG exports. Even so, the projected build would exceed the 23-Bcf five-year average, expanding the surplus to 193 Bcf while narrowing the deficit to last year to 14 Bcf.
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