Natural Gas Curve Prices December at 36% Premium to August as Prompt Month Expires

August 2026 Henry Hub futures settled at $2.662/MMBtu on July 28 and expired July 29, per CME's calendar. December delivery trades at $3.731 — roughly 36% above the August print. The November-to-December step alone jumps 24%, from $3.014 to $3.731. Prompt gas fell 17.72% over the trailing month to $2.69. The market is pricing winter heating-demand risk into the back of the curve even as near-month gas weakens.