Natural Gas (NG) September (U) contract study: year-by-year results, the day-by-day shape of the move and where highs and lows printed.
Contract Almanac · Natural Gas (Henry Hub)
Every September natural gas contract 2010–2025, measured over its tenure as the lead contract · Typically leads Jul 24 – Aug 23
The September contract leads through most of August, the shoulder before the shoulder, with summer heat fading and winter still an idea. It has fallen in 11 of 16 tenures, and yet its average loss is less than one percent, because one tenure, 2020’s 41% moonshot, sits in the middle of the file like a crater in reverse. Few months argue harder for reading the count and the average together.
Each year is one contract, measured from the open of the day it took over the lead to the close of the day it handed off, the same roll convention used across all Traders Brief research. Tenure lengths vary by a few trading days from year to year, so day counts differ slightly at the tail. All highs and lows are the contract’s own trades, marked by trading day of the tenure, not calendar day.