Natural gas futures extended their losing streak to four consecutive sessions on Wednesday, with the November 2026 NYMEX contract tumbling 17 cents to settle at $2.79 per MMBtu, its lowest settlement in nearly two months. The prompt-month contract has now shed nearly 45 cents over the past four trading days, marking the largest four-day decline since early February. Selling pressure was most pronounced at the front of the forward curve, with the Winter 2026-27 strip falling 10 cents to $3.08 per MMBtu and Summer 2027 declining 4 cents to $2.82. Each of those settlement represent fresh multi-year lows.
With the focus on the lack of any significant ramp in heating load in the two-week outlook, the selloff continued even as the market is anticipating another below-average storage injection in Thursday’s EIA report. Analysts are forecasting a 77 Bcf build for the week ended October 16, compared to the five-year average of 87 Bcf. If realized, it would mark the tenth consecutive below-average injection and narrow the storage surplus to just 35 Bcf, leaving inventories nearly in line with historical norms heading into the winter heating season.
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