Daily Natural Gas Report - December Futures (NGZ26 @ 2.894) | 11.04.2026
In today's natural gas market update for Wednesday, November 4, 2026, Elk Trading Company President Tim Beggans breaks down what's driving the spot December contract (NGZ26).
December futures are trading at 2.894, down one tick, well below the 13- and 48-period EMAs with the RSI deeply oversold. Tomorrow's storage report is expected around +84 Bcf, versus +39 Bcf last year and a five-year average of +61 Bcf. Weather remains too warm and LNG is wobbly, so prices are going nowhere fast. The 6–10 and 8–14 day outlooks show above-normal temperatures in the upper Midwest through November 17, a warm start to winter with an El Niño pattern. Overseas, EU storage is 74.3% full after peaking near 76%, with some countries already withdrawing, and UK storage is about 41.85%. On LNG, Golden Pass is loading a vessel and running over 800,000 MMBtu, close to Train 1 nameplate, while Freeport is still running low. We also track 20.2 GW of US nuclear capacity offline, a sudden stratospheric warming event projected for mid-November, and a 50% chance of Atlantic storm development.
Will November come in like a lamb and go out like a lion? Let us know your thoughts and price targets in the comments below!
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NG Stock Watch List Oil & Gas EMP Sector
Market Cap 2-10B, High short float over 10%
BKV | CNX | CRGY | CRK | LB | MTDR | NOG
Timestamps
00:00 – Good Morning Natural Gas: Wednesday, November 4, 2026
00:15 – Spot December Contract (NGZ26): Oversold RSI & Storage Preview (+84 Bcf Expected)
00:51 – Hourly Chart: Daily Pivot (2.891) & First Support (2.852)
01:24 – Front-to-Back Spreads: Jan '28 vs. Jan '27
02:06 – 6–10 & 8–14 Day Outlooks: Warm Start to Winter
02:26 – ERCOT: Rain, Overcast Skies & Low Wind
03:08 – National Grid: PJM Volatility, MISO Near $100
03:28 – US Weather Forecast Maps: Cooler Air for New England, Warm South
04:53 – Temperature Anomaly Maps: El Niño Pattern
05:37 – Global Map: Cold Air in Canada & Eastern Siberia
06:02 – EU Storage (74.3%) & Country Levels
06:43 – Europe Weather Forecast: Cold Returns by Nov 14
07:22 – UK: NBP Pricing, Storage (41.85%) & Power Grid
08:38 – Asia Weather: End of Pacific Storm Season & India Rain
09:26 – Asia Temperature Forecast: Cold for the Koreas & Japan
10:00 – LNG: US Terminals (Golden Pass, Cameron, Freeport, Creole Trail, Corpus Christi, Calcasieu & Plaquemines)
11:16 – US Nuclear Fleet Outages (20.2 GW)
11:32 – Teleconnections: AO & NAO Neutral, PNA Positive
11:55 – Sudden Stratospheric Warming: Mid-November Peak
12:20 – Jet Streams: Strong Southern Jet & Double Hump
14:05 – Arctic Sea Ice & Snow Cover
14:28 – Atlantic: Disturbance Off Florida (50% Chance)
14:54 – Oil & Gas E&P Stocks: High Short Float Names
15:17 – Recap: December Down One Tick at 2.894 & Close
15:40 – End Card
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