Natural Gas Market Note | 08.06.2026
Winter futures fall to new lows surrounding storage report.
Natural gas futures moved lower across the curve on Thursday, with losses most pronounced in nearby and winter contracts. September 2026 fell $0.05 to settle near $2.64 per MMBtu, while Winter 2026–27 declined $0.07 to $3.39, marking a four-plus-year low for that strip. The prompt contract is now down $0.12 over the past week and more than $0.50 over the past month, as the market continues to struggle to find support despite ongoing summer heat.
Today’s EIA report showed a 33-Bcf injection into underground inventories, exceeding the five-year average build of 22 Bcf. Storage growth has now outpaced the seasonal benchmark in six of the past seven weeks, pushing the surplus to the five-year average to 195 Bcf, its widest since August 2025. Beyond the brief heat wave expected over the next five days, temperature forecasts are largely unsupportive as the market begins looking past peak summer against a backdrop of healthy storage inventories.
An archive of Daily Natural Gas Market Notes can be found here.