Natural gas futures advanced for the second straight day, but the forward curve finished well off of intraday highs. The September 2026 NYMEX contract expired this afternoon at $2.907 per MMBtu, which marked the highest daily settlement for that contract since it rolled to the front of the curve last month. This was the highest September expiration since 2022 and the first contract since March to roll off the board at a firmer price than the corresponding 2025 contract.
The market was elevated prior to this morning’s EIA storage report that showed a build of 15 Bcf. Even though the injection came up shy of consensus market expectations and lagged historical benchmarks, trading activity in the wake of the report pushed prices lower. With what is likely the last major heat wave of the summer on tap for next week, nearby pricing remains well supported amid elevated cooling load. However, inventories are still sitting at healthy levels and domestic production is showing signs of growth, preventing bullish momentum from spreading into the upcoming winter.
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