Natural Gas (NG) November (X) 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 November natural gas contract 2010–2025, measured over its tenure as the lead contract · Typically leads Sep 24 – Oct 23
The November contract leads through most of October, carrying the winter premium at its plumpest, and its file says the carrying has been expensive: down 11 of 16 tenures with a −4.0% average, the third leg of the losing corridor that runs from this contract through January’s. By late October, winter is fully priced and can only disappoint, and most years it starts doing so on this contract’s watch.
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.