Natural gas futures moved lower on Tuesday, with losses concentrated at the front of the curve. The October 2026 NYMEX contract traded above $3.00 per MMBtu during the session but failed to hold those gains, ultimately falling 6 cents to finish near $2.92. The contract remains up slightly on the week and 20 cents over the past month. Winter 2026-27 slipped 1 cent to $3.39, while modest gains were posted further out the curve.
Near-term weather support continues to fade as the recent stretch of widespread heat begins to ease, reducing some of the pressure on power generation demand. Even so, recent storage builds have remained relatively light, narrowing the surplus to the five-year average and keeping the market from fully dismissing tightening fundamentals. With production still strong and inventories in healthy shape overall, the near-term balance remains mixed.
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