NYMEX futures fell for the third straight day, dragging the front of the curve back below the $3.00 level for the first time in nearly three weeks. The November 2026 contract gave up 9 cents to finish the day near $2.96 per MMBtu. Less than a week ago, that same contract spiked as high as $3.33 per MMBtu before reversing sharply lower. Losses were less pronounced further out the curve, with the full Winter 2026-27 strip giving up 6 cents and Summer 2027 declining $0.03 per MMBtu. The entire curve through 2028 is now below both week-ago and month-ago levels.
Falling weather-related demand and recovering production have weighed on futures prices since last week, even as LNG feedgas volumes reach record highs. With Cove Point returning from seasonal maintenance and Golden Pass ramping up Train 1 toward full capacity, overall feedgas demand has recently reached 21 Bcf per day for the first time. However, this comes amid forecasts for continued mild weather and general expectations of a tame heating season, which are helping to maintain downward pressure on natural gas futures heading into winter.
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