Natural gas futures moved higher at the front of the curve on Wednesday, extending Tuesday’s modest rebound. The December 2026 NYMEX contract gained 6 cents to settle near $2.96 per MMBtu, while the balance-of-Winter 2026-27 strip added 4 cents to finish near $2.98 per MMBtu. The recovery remained concentrated in near-term deliveries, with Summer 2027 unchanged at $2.74 per MMBtu and contracts further out the curve drifting modestly lower. Despite the past two sessions of gains, December futures remain down 40 cents over the past month, while the winter strip has lost 32 cents over the same period.
The recent rebound has coincided with a decline in domestic natural gas production, which has reportedly fallen below110 Bcf per day after averaging more than 113 Bcf per day in October. However, the supply-side tightening has been partially offset by weaker LNG feedgas demand, including continued disruptions at Freeport LNG. Meanwhile, weather forecasts remain broadly bearish, with above-normal temperatures expected to limit heating demand into the second half of November.
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