Why Winter Natural Gas Costs 36% More Than Summer Gas Right Now

August 2026 natural gas settled at $2.662 per unit on July 28 and expired July 29, per CME. December gas trades at $3.731 — about 36% higher. November-to-December alone jumps 24%. Near-term gas fell 17.72% over the past month to $2.69. The gap means buyers expect winter heating demand to push prices up, even as summer gas gets cheaper.