Daily Natural Gas Report - December Futures (NGZ26 @ 3.247) | 11.10.2026

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In today's natural gas market update for Tuesday, November 10, 2026, Elk Trading Company President Tim Beggans breaks down what's driving the spot December contract (NGZ26).

December futures are up, trading near 3.253 (+3.5 cents, +1.09%) after testing the 48-period EMA, with a session high of 3.286 just one tick shy of that 48-period EMA at 3.287, and the RSI still open to the upside though momentum may be fading. LNG is coming off a little, nuclear output is coming back from maintenance, and the weather is a little up and down: the averages are still warmer, and the colder air showing up may be a false start. On the hourly chart, December is above the daily pivot at 3.148 and testing first resistance at 3.309. Storage is due Thursday, with expectations of +67 Bcf versus +44 Bcf last year and a five-year average of +40 Bcf. EBW Analytics' year-over-year storage by region shows the East at +16 Bcf and the Midwest at +9 Bcf, a containment concern if those numbers grow this weekend or next week, while the Jan '28/Jan '27 spread is up 1.7 cents, with the RSI still in sell mode. In ERCOT, a lighter load of 54,370 MW and low wind have natural gas carrying about 50% of the fuel mix, with wind only 2,700 MW at the low and gas over 25,000 MW. MISO popped to $495 this morning, with plenty of volatility still in PJM, SPP and MISO, while ERCOT is relatively calm but is expected to get as high as $72 later this afternoon on the low wind. The 6–10 and 8–14 day outlooks still average above normal in the midsection, with below-normal temperatures on the East Coast and West Coast in the 6–10 day and in the West in the 8–14 day, and the maps bring Canadian air into the midsection — Chicago at 36°, Missouri 32°, Houston 53° and Pennsylvania 34° — plus a possible major cold shot around November 25. Overseas, EU storage is at a new low of 72.4% after heavy withdrawals, Germany is at a new low of 59%, UK storage is just over 40% with Rough still at zero, and gas is supplying 60.2% of the UK grid with wind at 11.4% and nuclear at 13.4%. The UK December contract shows three peaks and a declining RSI. On LNG, Cameron is running 1.51 of 1.56, Freeport ran around 1.9 yesterday, Creole Trail is at 1.48 of 1.7, Corpus Christi 2.52 of 2.75, Calcasieu Pass 1.683, Plaquemines 4.3 and Golden Pass TSQ 824,954, a new all-time high. We also track the AO turning negative and the PNA well into positive territory, a sudden stratospheric warming signal that looks to have peaked, and 16.5 GW of US nuclear capacity offline and coming back toward the five-year average. December closes out the report near 3.247, up 2.9 cents.

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Market Cap 2-10B, High short float over 10%

BKV | CNX | CRGY | CRK | LB | GPOR | MTDR | NOG

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Timestamps

00:00 – Good Morning Natural Gas: Tuesday, November 10, 2026

00:11 – Spot December Contract (NGZ26): Up 3.5 Cents & Testing the 48-Period EMA

01:00 – Hourly Chart: Daily Pivot (3.148) & Testing First Resistance (3.309)

01:20 – EIA Storage Expectations: +67 Bcf vs. +44 Last Year & +40 Five-Year Average

01:32 – EBW Analytics: Year-over-Year Storage by Region (East +16 Bcf, Midwest +9 Bcf)

02:16 – Jan '28/Jan '27 Spread: Up 1.7 Cents

02:56 – ERCOT: Light Load, Low Wind & Gas at 50% of the Fuel Mix

03:30 – Power Markets: MISO, PJM, SPP & ERCOT

03:55 – 6–10 & 8–14 Day Outlooks: Below Normal on the Coasts, Above in the Midsection

04:27 – US Weather Forecast Maps: Canadian Air Into the Midsection

05:52 – Temperature Anomaly Maps: Cold Friday Through the 16th–17th & a Possible Nov 25 Blast

06:41 – Ensemble Jet Stream Maps: Dips Toward Atlanta, Then Oklahoma & Texas

08:00 – Global Map: Cold Over Greenland, Siberia & Into Canada

08:34 – Europe Weather Forecast: Cold Friday for the UK, Ireland, France & Germany

09:09 – EU Storage (72.4%), Germany (59%) & Country Levels

10:09 – Norwegian Production

10:20 – UK: LNG & Norway Supply, Total Storage (Just Over 40%) & Rough at Zero

10:43 – UK Power Grid: Gas at 60.2%, Wind at 11.4%

10:55 – Asia Weather: City Temperatures & Tropical System Chempaka

11:16 – UK December Contract: Three Peaks & a Declining RSI

11:59 – Asia Temperature Forecast: Cold for Eastern China, the Koreas & Japan

12:24 – Seoul, Shanghai & Tokyo Forecasts

13:07 – LNG: Kitimat Vessel Traffic

13:44 – US LNG Terminals (Cameron, Freeport, Creole Trail, Corpus Christi, Calcasieu, Plaquemines & Golden Pass)

14:31 – Teleconnections: AO Turning Negative & PNA Positive

15:09 – Arctic Sea Ice

15:28 – Hudson Bay Ice

16:09 – Sudden Stratospheric Warming (SSW)

16:32 – US Nuclear Fleet Outages (16.5 GW)

16:58 – Oil & Gas E&P Stocks: CNX Up 2.26%

17:24 – Recap: December at 3.247, Up 2.9 Cents & Close

18:12 – End Card