Natural gas futures extended their recent rally on Wednesday, with nearby contracts posting a fourth consecutive day of gains. November 2026 added another 9 cents to finish near $3.20 per MMBtu, bringing its four-day advance to roughly 18 cents. Winter 2026-27 followed closely behind, gaining 8 cents to end near $3.38 per MMBtu. Strength remains concentrated at the front of the curve, with Summer 2027 adding just a penny to $2.96 and pricing farther out largely unchanged.
Lingering early-October heat and a recent pullback in domestic production have provided support to the market. Production has softened as weak cash pricing in parts of the East has discouraged output, tightening near-term balances at a time when weather-driven demand remains stronger than normal for the season. Still, the broader outlook remains relatively benign. Medium-term forecasts continue to point toward mild conditions across much of the country into the opening stretch of heating season, limiting the urgency behind the recent rally.
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