Natural Gas: December Futures Priced 36% Above Expired August Contract

August 2026 Henry Hub gas settled at $2.662/MMBtu on July 28 and expired July 29, per CME. December trades at $3.731 — about 36% higher. The November-to-December step alone jumps 24%. Prompt-month gas fell 17.72% over the trailing month to $2.69. Translation: the market is pricing winter heating-demand risk into the back of the curve even as near-term gas weakens.