Natural Gas Price Forecast & Predictions

October natural gas futures posted a third straight weekly gain. The main trend remains down, but the minor trend has turned up as the recovery shifts momentum higher. Buyers are targeting the $3.044 to $3.133 retracement zone, where sellers may defend. A move through $3.133 could open $3.420. On the downside, $2.847 to $2.805 is key support zone for buyers.

Natural gas may stay under pressure initially as record production and storage heading toward 3,985 Bcf late in October keep Henry Hub below $3.00. The bullish case develops later if Freeport returns, new LNG capacity starts, and colder early-winter weather pulls gas from storage. That combination would force buyers back into a market that has been leaning heavily on supply now.

The bullish case needs the storage surplus to shrink through smaller injections, stronger LNG feedgas and slower Permian and Haynesville production growth. The bearish case gains strength if mild weather, LNG outages or delayed export capacity keep storage building above normal. Until winter demand proves strong enough to cut into supplies, rallies are likely to attract fresh selling pressure again.