Natural gas futures moved sharply lower Thursday, with selling pressure concentrated across the front of the curve. September fell $0.08 to $2.73 per MMBtu, while Winter 2026-27 declined $0.07 to $3.34 and is now down $0.19 over the past month. Summer 2027 also lost $0.04 to settle at $3.03. Longer-dated pricing was comparatively steady, with Winter 2027-28 down just $0.02 and Summer 2028 unchanged on the day.
The decline followed this morning’s relatively lean 16-Bcf storage injection, which came in 13 Bcf below the five-year average and 3 Bcf below the corresponding week last year. However, the report came in stronger than consensus market forecasts and therefore did little to reverse the market’s broader bearish momentum. Inventories remain healthy heading toward the fall shoulder season, while recent production growth continues to ease concern around the supply outlook. With the strongest summer heat increasingly in the rearview mirror, the market appears more focused on the prospect of comfortable storage entering winter than on the tighter weekly balance implied by today’s report.
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