Natural Gas Market Note | 11.13.2025
NYMEX natural gas rally continues amid a backdrop of mixed fundamentals.
The natural gas market was higher today with contracts out through 2028 ending the day higher than yesterday’s settlement. The largest gains were seen on the front-end of the forward curve, with December 2025 gaining the most and the Balance of Winter 2025-26 (Dec25-Mar26) close behind. Beyond that, while futures through October 2027 traded to fresh multi-month highs, settlement prices were within $0.03 of yesterday’s close.
While natural gas futures traded higher today, price action since mid-afternoon has been weaker with NYMEX futures for many delivery months pulling back from mid-afternoon highs.
Fundamentally, near-term temperature forecasts continue to call for mild weather across the eastern half of the U.S. for the next 15 days. The market seems to be more focused on longer-range forecasting models, however, which are pointing to a colder December. Elevated LNG feed gas levels are also lending support to bullish sentiment with the daily estimate of LNG feed gas sitting slightly under 19 Bcf per day, near the record high.
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