Natural gas futures for December 2026 delivery fell 1.84% from the previous session close of $3.050 to trade at $2.994. Prices have traded between $2.962 and $2.997 since the session opened at 22:10 UTC.
Since the current session opened at 22:10 UTC, prices have fluctuated within a narrow band between $2.962 and $2.997. The previous five sessions saw trades between $2.708 and $3.184, while the twenty-session range spanned $2.708 to $3.334.
Grid inefficiencies in the United Kingdom force continued dependence on natural gas as the transition to renewable sources stalls. Transmission network bottlenecks force the grid operator to regularly take wind farms offline while powering up gas plants to balance supply in areas with low electricity generation. These balancing costs reached £505 million in September alone, as upgrades fail to keep pace with the record deployment of new renewable energy capacity.
National Grid proposes spending roughly £31 billion on transmission infrastructure across England and Wales from 2026 through 2031. If infrastructure upgrades continue to lag behind new connection requests, the U.K. will likely continue relying on gas for power.
The US Dollar Index rose 0.15% to 101.76, and the US 10-year Treasury yield was 5.00% on October 23 after rising 4 basis points. Prediction markets currently price a 93% chance that the Federal Reserve will hold rates steady at its upcoming meeting.
Traders now look toward the US FOMC Rate Decision scheduled for release at 18:00 UTC on Wednesday, October 28. The FOMC Statement releases at 18:00 UTC on Wednesday, October 28, followed by the Press Conference at 18:30 UTC.
Sources: Yahoo Finance quotes, ForTraders quotes, US Treasury, Kalshi, ForTraders economic calendar.
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