Natural gas futures moved lower on Thursday after the prompt-month contract failed to hold an early move above $3.00 per MMBtu. The October 2026 contract fell 4 cents to finish near $2.91 per MMBtu, while Winter 2026-27 declined 5 cents to $3.39. Losses were concentrated through the front half of the curve, with pricing for 2028 and beyond finishing the day largely unchanged. Despite today’s pullback, October remains 19 cents above month-ago levels.
The EIA reported a 30-Bcf storage injection this morning, roughly in line with market expectations but below both last year and the five-year average for a third consecutive week. Recent heat has slowed storage growth and narrowed the surplus to the five-year average to 160 Bcf, while inventories now trail 2025 by 50 Bcf. This week’s widespread heat should keep next Thursday’s build relatively small, although cooling demand is likely to decline more meaningfully beyond the first week of September as normal temperatures begin their seasonal descent.
An archive of Daily Natural Gas Market Notes can be found here.