Natural gas futures ended the week mixed, with some strength on the front end of the forward curve helping to moderate the week’s losses. The November 2026 contract bounced to gain $0.07 per MMBtu on the day, settling at $3.04. The upcoming Winter 2026-27 strip (Nov-Mar) was higher by $0.02 to close at $3.23 per MMBtu. Deferred futures, however, were all lower by $0.01 - $0.04.
With little change in the underlying fundamentals, today’s bounce in November natural gas is likely attributable to some position squaring ahead of the weekend. With production near highs, storage comfortable, and mild shoulder season demand on the horizon, there is little to spur prices materially higher. The near-term temperature forecasts from the National Weather Service (maps below) point to a bearish setup for natural gas as warmer-than-normal temperatures limit any early heating demand. The longer the forecasts maps look like those below, the more bearish the sentiment will likely become.
An archive of Daily Natural Gas Market Notes can be found here.