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US Natural Gas Prices Surge After Ceasefire Extension News

US natural gas futures (NG) settled fractionally lower on Wednesday as volatile trading reflected competing signals from extended Iran ceasefire talks and ongoing Strait of Hormuz supply concerns. The May contract (NGK26) settled at $2.722 per MMBtu, down 0.11 percent on the session.

NG1!-2026-04-23

NG – 5 Days Chart

Market Snapshot

Henry Hub natural gas futures (NG) posted a narrow loss amid two-way flow. The contract traded between $2.709 and $2.740 during the session before closing at $2.719, according to CME Group data timestamped 9:21 p.m. CT. Settlement was fixed at $2.722, per MarketWatch delayed quotes updated 10:11 p.m. ET. Volume remained light at approximately 1,300 contracts, suggesting participants awaited clearer direction from geopolitical developments.

Event Details

Price action reflected assessment of an extended ceasefire between the United States and Iran, announced by President Donald Trump following mediation requests from Pakistan. Despite the diplomatic pause, market participants monitored reports that Iranian forces had seized two vessels near the Strait of Hormuz, a critical chokepoint for global energy flows.

U.K. Maritime Operations confirmed a container ship incident in the strait, while Iranian state media described the vessels as “stranded” on its coast. The White House reiterated that a US blockade of Iranian ports remains in effect, with Press Secretary Karoline Leavitt stating Iran must agree to transfer enriched uranium as part of ongoing negotiations.

About the author

Martin Lam

 

Martin Lam is ATFX Chief Analyst for Asia Pacific, with over 20 years of experience in global forex and investment markets. He holds a degree in Finance and Economics from Deakin University and has held senior roles at leading FX brokerage firms.

More from Martin Lam

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