Daily Natural Gas Report - December Futures (NGZ26 @ 2.956) | 11.05.2026

In today's natural gas market update for Thursday, November 5, 2026, Elk Trading Company President Tim Beggans breaks down what's driving the spot December contract (NGZ26).

December futures are trading near 2.956, essentially unchanged, well below the 13- and 48-period EMAs after several oversold, sideways sessions. It's storage day, with expectations around +81 to +84 Bcf, versus +39 Bcf last year and a five-year average of +61 Bcf, so this week and next face headwinds. The March/April "widowmaker" spread is down to 4.4 cents and drifting toward flat; without some winter soon, it could go negative. The 6–10 and 8–14 day outlooks stay above normal in the upper Midwest, but the models now bring brief cold into the Great Lakes, Northeast and Southeast around November 14. Overseas, EU storage is 74.1% full with withdrawals underway, Germany sits at a new low of 60.6%, and UK storage is about 42.25%. JKM December shows a triple-hump RSI, a possible near-term high. On LNG, Cameron is running 1.56, Corpus Christi 2.59, Calcasieu Pass 1.74, Plaquemines nearly 4.3 and Golden Pass steady at 786,000 MMBtu, while Freeport is still struggling. We also track 19.4 GW of US nuclear capacity offline, a negative NAO forecast around the 13th, and a 50% chance of Atlantic storm development.

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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: Thursday, November 5, 2026

00:16 – Spot December Contract (NGZ26): Storage Day (+81 to 84 Bcf Expected)

00:58 – Hourly Chart: Daily Pivot (2.933), Support (2.865) & Resistance (3.026)

01:23 – Storage by Region: East & Midwest Surplus, South Central Deficit

02:30 – March/April "Widowmaker" Spread: 4.4 Cents & Heading for Flat

03:06 – 6–10 & 8–14 Day Outlooks: Above Normal in the Upper Midwest

03:21 – US Weather Forecast Maps: Brief Cold Push by Nov 14

04:34 – Temperature Anomaly Maps (EC-AIFS)

05:32 – Global Map: Cold in Greenland & Eastern Siberia

05:56 – Europe Weather Forecast

06:25 – EU Storage (74.1%), Germany (60.6%) & Country Levels

07:16 – UK: Storage Withdrawals, Total Storage (~42.25%) & Power Grid

08:00 – JKM December Contract: Triple-Hump RSI

08:46 – Asia Weather: Pacific Storms & City Temperatures

09:18 – Asia Temperature Forecast: Cold for the Koreas & Japan

10:08 – LNG: Kitimat & US Terminals (Cameron, Freeport, Corpus Christi, Calcasieu, Plaquemines & Golden Pass)

11:33 – Teleconnections: AO & NAO Neutral, PNA Positive

12:02 – Atlantic: One System (50% Chance)

12:16 – Arctic Sea Ice

12:48 – US Nuclear Fleet Outages (19.4 GW)

13:04 – Oil & Gas E&P Stocks: High Short Float Names

13:20 – Recap: December at 2.956, Storage +82 Bcf & Close

13:54 – End Card