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 Drop to Over 17-Month Low
US natural gas futures fell to around $2.60 per MMBtu, their lowest level since late October 2024, as ample supply and subdued demand in US continued to weigh on prices. The EIA reported a 50 Bcf injection into storage for the week ended April 3, exceeding market expectations of a 46 Bcf build and accelerating from the previous week’s 36 Bcf increase. At the same time, mild weather forecasts across key US regions are keeping heating demand low, allowing utilities to continue adding gas to storage at an above-average pace for at least several more weeks. US natural gas prices remain largely insulated from Middle Eastern supply risks, supported by near-record domestic production, comfortable storage levels, and structural constraints on LNG export capacity.
2026-04-13
Natural Gas Falls to 17-Month Low
Natural gas futures fell 0.5% to around $2.65 per MMBtu on Friday, hovering near their lowest levels since late 2024, as ample supply and weak demand continued to weigh on prices. The EIA reported a 50 Bcf injection into storage, accelerating from the previous 36 Bcf build and reinforcing expectations of a well-supplied market. At the same time, mild weather forecasts across key US regions are keeping heating demand subdued, while production remains near record highs, adding further downward pressure. Ample supply and low heating demand drove drove natural gas prices to fall 28% year-to-date.
2026-04-10
US Natgas Prices Hold at 17-Month Low
US natural gas futures held steady at $2.67 per MMBtu on Friday, the lowest level since November 2024, pressured by a larger-than-expected storage build last week and mild weather forecasts. The EIA reported a 50 Bcf injection into storage for the week ended April 3, above market expectations of a 46 Bcf build. The increase compares with a 53 Bcf injection in the same week last year and a five-year average build of 13 Bcf. Also, forecasts point to above-normal temperatures through at least April 24, keeping gas demand subdued over the next two weeks. On the geopolitical front, markets are monitoring weekend negotiations in Islamabad, where a US delegation led by Vice President JD Vance is scheduled to meet Iranian officials. The talks come after Israeli strikes in Lebanon put at risk a fragile ceasefire reached earlier this week. Despite the uncertainty, US gas prices remain insulated due to strong domestic production, with export facilities already operating near their limits.
2026-04-10