Natural gas futures gave back a small portion of Monday’s gains on Tuesday, with losses again concentrated at the front of the curve. The October 2026 contract slipped 3 cents to settle at $2.90 per MMBtu, while the Winter 2026-27 strip fell 2 cents to $3.38. Price action was essentially flat further out, with Summer 2027 and the 2027 and 2028 calendar strips all finishing within a penny of Monday’s levels.
Near-term heat remains the main source of support for the market, with widespread above-normal temperatures expected over the next several days. That should keep power-generation demand elevated and limit storage injections in the near term, but the impact has so far been mostly confined to the front of the curve. With production still running at strong levels and inventories in generally healthy shape, the market continues to show little urgency beyond the immediate weather window.
An archive of Daily Natural Gas Market Notes can be found here.