NYMEX natural gas futures edged lower on Wednesday, giving back yesterday’s marginal gains. The October 2026 contract dipped by 3 cents to finish near $2.89 per MMBtu, while Winter 2026-27 gave up $0.04 to land near $3.31 per MMBtu. The winter strip continues to linger near multi-year lows, but the market has trended virtually sideways over the past month as near-term heat keeps a modicum of support under pricing.
The fundamental landscape hasn’t changed much. Warmer-than-normal temperatures are helping to keep power burn propped up, while record domestic production continues to keep the market in balance. LNG exports remain near 19 Bcf per day and are poised to show another leg of growth before the end of the year.
Tomorrow’s storage report is expected to show another relatively small build, with the Wall Street Journal’s survey showing consensus expectations for a 49-Bcf injection. This would cut the surplus to the five-year average by 25 Bcf while adding nearly 40 Bcf to the deficit versus year-ago levels. The year-ago build was especially robust, as most of the country was experiencing very mild temperatures at this point in 2025.
An archive of Daily Natural Gas Market Notes can be found here.