Daily Natural Gas Report - December Futures (NGZ26 @ 2.949) | 10.29.2026
Tim Beggans covers the first day of December as the spot contract with the market still under pressure from mild temperatures. Also: today’s storage setup near +73 Bcf versus last year +75 and the five-year +77, the next two weeks turning bearish, an oversold RSI and a possible corrective bounce if the print is light, a Dec–Jan spread still wide under Super El Niño conditions, light ERCOT wind, a quiet national grid, warm 6–10 and 8–14 day outlooks into mid-November, EU storage peaking at 75% with Germany at 62%, UK net withdrawals with Rough still empty (~43.5%), JKM surging on Hormuz risk, Vance moisture toward the Permian, Freeport still unstable, Golden Pass near 785k, nuclear outages at a five-year low near 17.4 GW, and a mostly red E&P tape.
Contract / levels:
December near 2.942–2.949, down ~8.3–9¢ (~3%) on its first day as spot
Below 13- and 48-period EMAs
RSI oversold (daily and hourly)
Daily pivot ~3.046
Third support ~2.920–2.927 (holding just above)
Dec–Jan spread targeting ~41¢ (normal winter ~25¢)
Storage (today):
Expected ~+73 Bcf
Last year +75 / 5-year average +77
Mildly constructive versus both this week, but the following two weeks turn bearish on the warm pattern
Affiliate link(s):
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
0:00 – Open: storage day, December becomes spot
0:45 – Oversold RSI; need a light print for a bounce
1:15 – Hourly below pivot; holding third support
1:56 – Dec–Jan spread targeting ~41¢ under Super El Niño
2:26 – 6-10 day & 8-14 day outlooks still warm
2:48 – ERCOT: light wind, overcast skies
3:14 – National grid quiet
3:39 – Models: chimney warmth vs Rockies / New England cool
5:06 – Cold air locked in Canada / eastern Siberia
5:40 – EU storage peaks at 75%; Germany 62%
6:13 – Europe turns cold for about a week
6:47 – UK flows: net withdrawing; Rough still empty (~43.5%)
7:34 – UK gas share of power mix ~48%
7:58 – Asia temps; Arnab into northern India
8:23 – Vance toward Baja / Permian
8:42 – India drought; Arnab helps
9:03 – JKM surging toward new highs
9:34 – Asia models: cold into Korea / Japan, misses southern China
10:07 – Gulf of Aden piracy; Hormuz still active
10:27 – LNG Canada active; U.S. terminals (Freeport unstable, Golden Pass ~785k)
11:45 – Nuclear outages at a 5-year low (~17.4 GW)
12:05 – Gulf and Atlantic quiet
12:21 – Teleconnections & SSW watch
13:13 – Jet-stream ensembles into early November
14:47 – Arctic ice expanding; more snow in Canada
15:07 – E&P watch list (mostly red)
15:34 – Recap & close
Comments