NYMEX natural gas futures extended their recent slide on Monday, although selling pressure moderated considerably from last week. The prompt-month November 2026 contract shed another 4 cents to settle near $2.60 per MMBtu, after recovering roughly $0.10 from its intraday low. The contract is now down 62 cents for the month and is scheduled to expire on Wednesday, with trading activity increasingly shifting to December. The full Winter 2026-27 strip slipped another penny to $2.96 per MMBtu, while Summer 2027 was unchanged at $2.79 per MMBtu. Price movements were similarly muted further out on the curve, suggesting that the latest round of selling remains concentrated at the front of the market.
The near-term weather outlook continues to weigh on natural gas prices, with widespread above-normal temperatures expected to limit heating demand through the opening days of November. This bearish weather pattern has overshadowed an otherwise supportive fundamental backdrop, including robust LNG export demand and ten consecutive weeks of below-average storage injections. The longer-range forecast remains the biggest wildcard, as any shift toward colder temperatures could trigger a sharp reassessment of winter pricing following the recent selloff.
An archive of Daily Natural Gas Market Notes can be found here.
Settling near $2.60 after bouncing roughly 10 cents off the low, with the November contract expiring Wednesday, makes the shift of activity to December worth watching. Ten straight weeks of below-average storage injections against warm weather is a tug of war.