Natural Gas Update April 15,2026

Overview

Natural Gas--NG is up 0.4 cents at $2.603
NG futures are slightly higher now as they are having an inside trading session versus yesterday's price range.  US weather demand remains weak and natural gas storage is seen as ample with tomorrow's EIA data set to see the surplus to the 5 year average increase.

Tuesday saw the NG spot futures fall to their lowest DC price since early November, 2024. Tuesday's fall was seen being caused by some temporary weakness in LNG demand due to maintenance at some LNG plants. On Tuesday, NGI’s Spot Gas National Average fell by 5.5 cents to $1.470/MMBtu, as per NGI’s MidDay Price Alert.

US natural gas prices remain largely insulated from Middle Eastern supply risks, amid near-record domestic production, comfortable storage levels, and constraints on LNG export capacity, reads one market commentary. (Trading Economics) Spot power and natural gas prices in Texas and California turned negative on April 14, as mild weather reduced both heating and cooling demand. (Reuters)

Natural Gas futures open interest on the CME rose Tuesday by 23,927 contracts--even as the spot May futures contract saw open interest fall by 27,135 contracts. The decline in May open interest is largely due to the index fund roll that ended Tuesday. The total open interest showed large increases in the June, July and March 2027 contracts, which we believe were more new shorts being added.

The easing of concerns over supply for next winter as end of injection season inventories are seen as ample saw the December 2026 through February 2027 strip fall more than the prompt futures contracts. The winter strip fell by 7.1 to 9.5 cents, while May was down 2.8 cents and June was down 3.1 cents.

Technically, the DC chart shows momentum for the spot NG futures to be oversold. Support lies at 2.579-2.588, which was tested with the overnight low of 2.570. Below that support is seen at 2.514-2.516. Resistance comes in at 2.795-2.796 and then at 2.865-2.870.

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Disclaimer

This article and its contents are provided for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any commodity, futures contract, option contract, or other transaction. Although any statements of fact have been obtained from and are based on sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed.

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