Natural Gas Market Talk | 12.05.2025

The natural gas market rallied again this week amid an early-season cold blast that’s the strongest late-November/early-December stretch in at least 44 years. Storage withdrawals remain modest so far, but the market is laser-focused on the next few reports, which should show very large draws, as cold looks poised to linger — or even intensify — into late December. That risk scenario, paired with LNG exports near 20 Bcf per day, has pushed not only winter pricing higher but also lifted Summer 2026 to multi-month highs as traders brace for the possibility of a materially tighter end-of-winter storage position.