August 2026 natural gas futures are trading below $3, and the price has barely moved as the contract gets close to its July 29 end date. Natural Gas Intelligence reported the August contract at $2.909 as of noon ET on July 15, with the price ranging between $2.865 and $2.940 during the session Natural Gas Intelligence. The CME Group website showed a last price of 2.913 for its Henry Hub Last-day Financial futures CME Group.

Natural gas futures are contracts that let traders buy or sell gas at a set price on a future date. Henry Hub is a key gas pipeline hub in Louisiana, and prices there set the benchmark for the U.S. The August 2026 contract first traded on November 27, 2013, and is set to end on July 29, 2026, per CME Group's calendar CME Group. Options tied to this contract showed a last price of 3.051, down about 5%, with trading volume of 123,801 as of July 9 CME Group. CME also published settlement data for July 14, 2026 CME Group.

On the supply side, the U.S. Energy Information Administration (EIA) reported that underground natural gas storage stood at 2,983 billion cubic feet as of July 3, 2026 EIA. The EIA also released its Short-Term Energy Outlook for natural gas on July 7 EIA, followed by a supplemental storage report on July 9 EIA.

Earlier this year, the EIA changed how it publishes natural gas data. The Natural Gas Weekly Update published its final edition on January 22, and the Weekly Natural Gas Storage Report took over starting January 29 EIA.

With storage at 2,983 billion cubic feet and prices hovering near $2.90 to $2.91, the market is sitting just below the $3 mark without enough momentum to push through it. The daily price range of about 7.5 cents is narrow for a contract this close to expiration. The 5% drop in options prices on July 9, combined with heavy trading volume above 123,000 contracts, signals that traders are actively positioning themselves before the contract ends.

The broader context here is that most of the information that typically moves gas prices in late July has already been released. The EIA storage data, the energy outlook, and the supplemental report are all out. That leaves weather as the main thing that could still surprise the market. If an unexpected heat wave or cool spell hits before July 29, it would flow directly into a market with fewer active traders, which could amplify price swings. For now, the market appears to be pricing in stability rather than betting hard on a direction. The settlement price CME published for July 14 will be more reliable than the live quotes, especially for large financial firms that need a solid end-of-day number.