Natural Gas Market Update 11/21/25

Tony Zelinski
6 minutes ago
1 min read

Natural Gas Futures 11-21-25

Natural gas futures continued their upward trend today, November 21, 2025, with the December contract reaching $4.589/MMBtu during early trading. Strong weather forecasts and sustained LNG demand are supporting the price increases.

Front-Month NYMEX Contract (December 2025)

Wednesday’s Close: $4.526/MMBtu
Thursday Morning High: $4.589/MMBtu (+$0.063)
Trend: Upward momentum persists, but analysts caution against chasing extended monthly gains.

🗄️ Storage & Fundamentals

Upcoming EIA Report (For week ending Nov 21): The market expects a slight withdrawal due to cooler weather conditions.
Lower 48 Production: Decreased by 0.5 Bcf/day compared to last week.
LNG Feedgas Demand: Slight increase to 18.02 Bcf/day, with gains from Plaquemines (+0.25 Bcf) offset by declines at Corpus Christi (–0.14 Bcf).

🌡️ Weather & Demand Drivers

Forecasts: Recent models indicate a bullish shift, reducing expected storage by 6 Bcf.
Heating Demand: Increasing in the Northeast and Midwest; HDDs are trending above seasonal norms.
Contract Rollover: The December contract will roll to January in 7 days, contributing to market momentum.

📈 Market Commentary

Analysts predict continued strength into early December, with potential resistance levels around $4.55–$4.65/MMBtu.

📊 Outlook

Natural gas is currently experiencing a bullish seasonal cycle, fueled by colder temperatures, strong LNG exports, and positive technical momentum. Traders are eyeing a potential dip toward $4.10 to re-enter the market, with upside targets around $5.10 if favorable weather conditions persist.

Natural Gas Futures