The November 2026 NYMEX contract rebounded on Tuesday, gaining 10 cents to settle near $2.70 per MMBtu after falling to a fresh low in the previous session. The recovery was largely confined to the prompt month, with the remainder of the futures curve holding steady or drifting modestly lower. The full Winter 2026-27 strip slipped another penny to $2.95 per MMBtu, while Summer 2027 finished near $2.77 per MMBtu. Despite Tuesday’s rebound, November futures remain down 27 cents over the past week and 53 cents over the past month. Winter 2026-27 has shed 45 cents over the same monthly period, underscoring the extent of the recent selloff.
The divergence between the expiring November contract and the rest of the curve suggests Tuesday's strength was indicative of position squaring ahead of tomorrow’s expiration rather than a broader shift in market sentiment. The continued weakness across the winter and summer strips indicates that the market is maintaining the overall bearish outlook for the months ahead. Despite some minor model disagreement, temperature forecasts continue to favor warmer-than-normal weather across key population centers well into the first half of November.
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