Natural Gas Market Note | 11.21.2025
The market finished the week on a strong note, gaining back yesterday's losses.
Natural gas futures pushed higher into the weekend, with the December 2025 contract settling on Friday just above week ago levels. This marks the fifth straight weekly gain for prompt-month natural gas, which is the longest such streak in a year. The balance-of-season strip posted a slim weekly loss despite today’s rally, finishing Friday 3 cents behind week-ago levels. Price action remains quiet further out the curve, with minimal back-and-forth this week beyond the winter.
Changes to near-term temperature forecasts were minimal, but we did see some of the cold anomalies backed off in the Southeast near the end of the 14-day period. Even so, The pattern shift for the upcoming week has grown more certain, and the market is anticipating elevated heating load through at least the first week of December. Early-season cold can often set the tone for market psychology for the winter, and the upcoming weather event looks to be conducive of strong storage draws to kick off the peak months.
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