April–October 2026 NG strip poised for further upside
- Timothy Beggans
- Dec 30, 2025
- 1 min read
Last year’s April–October natural gas strip quietly set the stage. Priced near ~$3.600/MMBtu at the start of the year, it looked benign—until winter arrived. As cold weather emerged in January 2025, the strip first rallied to $3.994, pulled back to $3.390, and then ultimately surged to $5.120/MMBtu.
Markets don’t repeat, but they do rhyme.
The question now: is the April–October 2026 strip winding up for another outsized move to the upside?
The answer hinges on weather, but the fundamental backdrop is more constructive than it appears at first glance.
First, LNG demand is stepping higher. Two new U.S. LNG trains are coming online between now and Q1 2026—Corpus Christi Train 4 and Golden Pass LNG Train 1. These facilities represent incremental, durable demand that tightens the balance even before weather enters the equation.
Second, Europe’s natural gas storage levels remain below the five-year average, and colder conditions are beginning to take hold across the continent. Any sustained cold spell raises the call on global LNG, linking European weather directly back to U.S. gas pricing.
Third, structural demand continues to build at home. Data centers, power generation, and expanding industrial activity are steadily increasing baseload gas consumption—reducing the margin for error during weather-driven demand spikes.
Taken together, the April–October 2026 strip may be more than just a shoulder-season market. With tighter balances, growing structural demand, and weather risk skewed asymmetrically, the setup looks increasingly familiar.
The rhyme is forming. Whether it turns into another chorus depends on the forecasts ahead.
Links
EIA Natural Gas Data: https://www.eia.gov/naturalgas/
Cheniere – Corpus Christi LNG: https://www.cheniere.com
Golden Pass LNG Project: https://www.goldenpasslng.com
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