Natural gas futures moved higher across most of the curve on Wednesday, with gains again concentrated in the prompt-month contract. On the eve of expiration, the September 2026 NYMEX contract added $0.07 to settle at $2.84 per MMBtu. Gains were much more limited further out the curve, with Winter 2026–27 and Summer 2027 adding $0.02 and $0.01 per MMBtu, respectively.
Lingering cooling demand has helped support September futures, with another round of above-normal temperatures expected across much of the country early next week. Power generation demand, which lagged year-ago levels through much of June and July, has strengthened so far in August, with month-to-date volumes now running above 2025 levels.
Tomorrow’s storage report is expected to show a build near 21 Bcf, according to a Wall Street Journal survey of analysts. Estimates ranged from 11 to 32 Bcf, reflecting a relatively wide range of expectations heading into the report. If the consensus is realized, the surplus to the five-year average would narrow while inventories would move modestly closer to year-ago levels.
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