Natural gas futures advanced on Wednesday amid widespread heat and ahead of tomorrow’s storage report. The October 2026 contract added 5 cents to finish the day near $2.96 per MMBtu, down from an intraday high of $2.995. This is the highest level for prompt-month natural gas since July 24. Benchmark futures have not traded above $3.00 per MMBtu since July 9. Daily gains were spread evenly through Winter 2026-27, although that strip is still down 12 cents from month-ago levels.
Today’s gains were posted as the market anticipates another smaller-than-average storage build in tomorrow’s EIA report. A survey by The Wall Street Journal showed consensus forecasts near 29 Bcf, with responses ranging from 22 to 39 Bcf. If the consensus is realized, it would shave 8 Bcf off the surplus to the five-year average and add 21 Bcf to the deficit versus 2025 levels. With heat lingering through at least the first week of September, subsequent reports could also show relatively small builds.
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