The recent downturn in natural gas futures continued on Tuesday, with November 2026 moving to the front of the forward curve. The contract lost 9 cents to finish just above $3.01 per MMBtu. Losses were slightly more pronounced just beyond the prompt month, with the full Winter 2026-27 strip losing 11 cents to finish at a fresh four-year low near $3.23 per MMBtu. Summer 2027 gave up 6 cents to end the day at $2.96 per MMBtu, with the strip trading below the $3.00 level for the first time since January 2022.
With last week’s unexpected pipeline outage and subsequent downturn in production now in the rearview, the market is squarely focused on mild near-term weather and healthy storage inventories. Power generation demand is expected to continue trending lower in the coming weeks, while there is still time before meaningful residential and commercial heating load begins to ramp. This should allow storage inventories to play a bit of catch-up over the next several reports after an extended stretch of relatively light weekly builds.
An archive of Daily Natural Gas Market Notes can be found here.