U.S. natural gas futures fell as much as 5.4% to their lowest level since April after weekend forecasts turned significantly warmer, signaling weaker early-season heating and power demand. The shift reinforced trader expectations that a Super El Niño could produce an unusually mild winter and blunt seasonal gas demand. Hedge funds last week built the largest recorded natural gas short since 2013, and front-month futures are more than 20% below levels two weeks ago. BOK Financial Securities tradi

2026-10-26

U.S. natural gas futures fell as much as 5.4% to their lowest level since April after weekend forecasts turned significantly warmer, signaling weaker early-season heating and power demand. The shift reinforced trader expectations that a Super El Niño could produce an unusually mild winter and blunt seasonal gas demand. Hedge funds last week built the largest recorded natural gas short since 2013, and front-month futures are more than 20% below levels two weeks ago. BOK Financial Securities trading EVP Dennis Kissler said: "The market is likely to stick with a sell-the-rally strategy until weather turns and demand picks up." Thinning near-month volume may have amplified the price drop.