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Natural Gas Market Report
Each month, Gas South puts together a natural gas market report to help simplify the updates you need to know about what's happening in the natural gas industry for your business. These updates include NYMEX settlement prices, storage information and more.
February 2026 Market Report
Winter Storm Fern revealed how sharply energy markets can react, driving record power and gas prices and pushing winter risk premiums much higher. Gas markets may calm into 2026, but longer-term forces like LNG growth and worsening grid reliability signal continued volatility ahead.
January 2026 Market Report
A sudden mid-winter shift from extreme cold to unusually warm “blowtorch” conditions triggered steep sell-offs, as weaker demand, falling gas prices, and lower forward risk premiums pulled markets back from the brink of a major upside run. While long-term price risks remain elevated in many regions, the milder winter has largely tempered near-term bullish pressure.
December 2025 Market Report
This month’s forecast is affected by a November rally in natural gas prices, with the December NYMEX contract settling at $4.424/MMBtu after dipping to $3.635 in October. Cold weather, heating demand expectations and record LNG feedgas supported the move, while record production kept prices below March highs. At the same time, coal retirements are being delayed as utilities cite reliability needs, with new data center demand and favorable regulation extending more than 14 GW of capacity. Elevated gas prices and pipeline limits could boost coal use this winter, tempering natural gas power burn despite ongoing renewable growth.
November 2025 Market Report
This month's forecast is affected by heightened price volatility and shifting trade dynamics. Natural gas prices fluctuated sharply in October, with the November NYMEX contract dipping below $3.00/MMBtu before settling at $3.376/MMBtu. This reflects seasonal transitions as the market moves into withdrawal season. Meanwhile, Trump’s trade talks with China sparked cautious optimism for easing LNG tariffs, which—despite being reduced to 25%—continue to divert U.S. shipments away from China toward other global markets.
October 2025 Market Report
This month's forecast is affected by strong natural gas production, elevated storage levels and continued FERC approvals for LNG projects, all contributing to a steep contango in the forward curve. Meanwhile, the U.S. government shutdown raises concerns over delays in energy infrastructure approvals, even as 2025 sets records for LNG investment decisions.
September 2025 Market Report
This month’s forecast is affected by record natural gas supply and mild weather, which has pushed prices below $3/MMBtu. U.S. LNG projects are progressing, as well, and global events like a Russia-Ukraine peace deal are expected to have a limited impact on domestic pricing.
August 2025 Market Report
Natural gas prices dipped in August, with the NYMEX futures contract closing 5.52% lower than July due to strong storage levels, reduced LNG demand and mild weather. Meanwhile, a bipartisan bill introduced in the U.S. House aims to streamline environmental reviews under NEPA, potentially speeding up approvals for major infrastructure and energy projects.
July 2025 Market Report
Prices were stable throughout June, despite a battle between a heat-wave-triggered demand and weak injection figures. Additionally, a landmark Supreme Court decision is expected to stimulate interest in new gas export, storage, and transmission projects.
June 2025 Market Report
This month’s forecast is affected by yearly low natural gas prices in June due to mild weather and high storage levels, as well as a jump in the July futures contract based on the expected summer heat that’s predicted to boost demand.
May 2025 Market Report
This month’s forecast is affected by a reduced storage deficit, market uncertainty and recessionary fears that have increased volatility and potential impacts on demand.
April 2025 Market Report
This month’s forecast is affected by continued demand for LNG, expected growth of gas production, an increase in coal fuel competitiveness and a favorable shift in the regulatory landscape.
March 2025 Market Report
This month's forecast was impacted by draws from the nation's storage inventory, record LNG feedgas deliveries, and a flurry of executive orders.
February 2025 Market Report
Extreme weather swings broke records for heating degree days and residential demand, while the new administration promises to impact the energy landscape.
January 2025 Market Report
The NYMEX futures contracts surged to a two-year high due to cold spells and increased demand, peaking at $4.00/MMBtu before settling at $3.514/MMBtu, adding approximately 2.75% in value over the month.
December 2024 Market Report
A cold start to December drove the market upward as heaters kicked on across the country. We’re paying attention to the season’s impact on the ongoing storage glut, plus the potential shifts in policy and regulation that may come with the new presidential administration next month.
November 2024 Market Report
The NYMEX futures contract saw some downward pressure due to high storage levels and bearish weather forecasts. (Weather is the main driver of price movement and general market sentiment this time of year.) All in all, the future looks bright for the market, as projected demand is increasing at a clip not seen in over a century.
October 2024 Market Report
The futures contracts for October and November have risen steadily, mostly due to curtailed production, which echoes a pattern from earlier this year. We expect bullish price trends to continue if production picks up for the upcoming winter demand.
September 2024 Market Report
This is the second month in a row that the prompt month has settled below the $2.00/MMBtu mark due to milder weather forecasts, continued storage overhang, and relatively loose market fundamentals. Plus, the U.S. issued new sanctions against a Russian LNG project while it prepares to open its eighth major export facility.
August 2024 Market Report
August NYMEX futures contract settled below $2/MMBtu thanks to a one-two punch from increased production and the start of hurricane season impacting supply and demand. Plus—we briefed on a complex and politically charged Supreme Court decision.
July 2024 Market Report
The market saw increased volatility throughout June, culminating in a rally due to suspicion of above-normal temperatures nationwide. Futures contracts finally settled at $2.628/MMBtu. Learn more about these trends, plus—the implications of the Mountain Valley Pipeline service on index methodology.
June 2024 Market Report
This month saw an 80% increase from May’s price settlement, a lift that was amplified by pipeline maintenance across the Midwest and southeastern U.S. The price resurgence has prompted a pick-up in production activities, which is timely for tech giants, whose AI arms race is prompting extravagant demand for electricity generation.
May 2024 Market Report
A sizable gas storage surplus has dampened any price volatility for May, put production cuts, power generation demand increased and a warm summer could catalyze a front-month rally.
April 2024 Market Report
This past month, NYMEX prices remained relatively stable—and it gets better. We saw the second-lowest prompt month settlement in a decade, driven by an eight-year high in storage surplus levels.
March 2024 Market Report
With a warm-weather outlook and storage levels above the five-year maximum, the summer strip sees the NYEMX trading below $2.60/MMBtu for every month until October.
