Deep Freeze Drives Historic Surge in US Natgas Prices

2026-01-22 10:24 By Agna Gabriel 1 min. read

US natural gas futures surged past $5.53 per MMBtu, approaching levels last seen in December 2022, as extreme cold forecasts boosted demand expectations and raised supply risks.

Temperatures are projected to remain mostly below normal through February 5, with the coldest period expected around January 24 to 27.

Average US temperatures are forecast near 21.8 degrees Fahrenheit on January 24 and to stay in the low 20s through January 26, driving heating demand toward near record levels.

A severe winter storm is expected to affect roughly two-thirds of the country, increasing residential and commercial consumption and raising the risk of inventory drawdowns.

At the same time, output is around a three-month low, with part of this week’s production decline linked to freeze-offs, particularly in southern regions.

US natural gas futures are on track for a weekly gain of more than 70%, the largest increase in records dating back to 1990.



News Stream
US Natgas Prices Fall Ahead EIA Data
US natural gas futures fell to $2.8116 per MMBtu ahead of the weekly federal storage report, with markets expecting energy firms to have added a near-normal 85 billion cubic feet of gas into storage last week. That compares with an injection of 109 billion cubic feet during the same week last year and a five-year average build of 84 billion cubic feet. If confirmed, total stockpiles would rise to 2.290 trillion cubic feet, around 2.3% above year-ago levels and 6.5% above the five-year average. Production has softened in recent weeks as some producers, including EQT, curtailed output due to persistently weak spot prices. Meanwhile, gas flows to major US export facilities declined from a monthly record due to seasonal maintenance work at several plants, including Freeport LNG in Texas and Cameron LNG in Louisiana.
2026-05-14
US Natgas Prices Hover Near 6-Week High
US natural gas futures rose to around $2.88 per MMBtu, moving back near a six-week high, as declining production and improved demand expectations continued to support prices. Output has softened in recent weeks as some energy companies, such as EQT, curtailed output due to persistently low spot prices. Forecasts showed gas demand across the Lower 48 states, including exports, averaging around 98.9 bcfd this week and next, with the latest projections revised slightly higher from the previous outlook. Meanwhile, gas flows to major US export facilities declined from a monthly record due to seasonal maintenance work at several plants, including Freeport LNG in Texas and Cameron LNG in Louisiana. Investors now await the weekly storage report, which is expected to show that the surplus in inventories relative to the five-year average remained largely unchanged.
2026-05-14
US Natgas Prices Fall
US natural gas futures fell to around $2.82 per MMBtu as expectations for weaker demand, elevated storage levels, and lower LNG feedgas flows weighed on prices. Mild spring weather earlier in the season allowed utilities to inject more gas into storage than usual, leaving inventories about 7% above seasonal norms as of early May. Weather forecasts suggest mostly near average conditions through late May, limiting near term demand upside. LNG exports also softened, with flows to major US export terminals averaging 17.1 bcfd so far in May, down from April’s record 18.8 bcfd due to seasonal maintenance. Domestic production has also eased slightly, with Lower 48 output slipping to about 109.3 bcfd from April levels, as low spot prices prompted some producers, including EQT, to curb output.
2026-05-12