US natural gas futures hovered near $3.3/MMBtu after suffering a dramatic 25.7% collapse on Monday, the steepest one-day drop since 1995. The sharp reversal followed a major shift in weather expectations, with forecasts now pointing to much milder, near-normal temperatures across most of the US through mid-February. This change came after around ten days of extreme cold that had driven heating demand to unusually high levels. As temperatures rise, frozen wells are thawing, allowing gas output to rebound quickly. Daily output recently hit 111.6 bcfd, the strongest since January 20. Even so, the recent cold snap likely led to very heavy storage withdrawals, potentially pushing inventories from above seasonal norms to slightly below average by late January. Meanwhile, LNG export flows remain strong, near record levels, limiting how far prices may fall despite the improving supply picture.

Natural gas rose to 3.37 USD/MMBtu on February 3, 2026, up 4.11% from the previous day. Over the past month, Natural gas's price has fallen 4.34%, but it is still 3.60% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Natural gas reached an all time high of 15.78 in December of 2005. Natural gas - data, forecasts, historical chart - was last updated on February 3 of 2026.

Natural gas rose to 3.37 USD/MMBtu on February 3, 2026, up 4.11% from the previous day. Over the past month, Natural gas's price has fallen 4.34%, but it is still 3.60% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas is expected to trade at 4.52 USD/MMBtu by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 5.47 in 12 months time.



Price Day Month Year Date
Crude Oil 63.86 1.790 2.88% 9.49% -12.16% Feb/03
Brent 67.93 1.720 2.59% 9.98% -10.86% Feb/03
Natural gas 3.38 0.1393 4.30% -4.16% 3.79% Feb/03
Gasoline 1.91 0.0657 3.56% 11.34% -8.73% Feb/03
Heating Oil 2.44 0.0792 3.36% 13.71% 0.26% Feb/03
Coal 116.00 -1.50 -1.28% 9.23% 0.30% Feb/02
TTF Gas 32.84 -0.50 -1.51% 19.85% -37.25% Feb/03
UK Gas 78.47 -2.8700 -3.53% 10.77% -39.00% Feb/03
Ethanol 1.58 -0.0075 -0.47% -2.01% -11.22% Feb/02
Naphtha 541.26 -20.09 -3.58% 9.57% -15.62% Feb/02
Propane 0.63 -0.03 -4.16% 0.93% -30.41% Feb/02
Uranium 96.50 -2.7500 -2.77% 17.68% 32.55% Feb/02
Methanol 2,221.00 11.00 0.50% 1.37% -14.90% Feb/03



Related Last Previous Unit Reference
United States API Crude Oil Stock Change -0.25 3.04 BBL/1Million Jan 2026
United States Crude Oil Stocks Change -2.30 3.60 BBL/1Million Jan 2026
United States Gasoline Stocks Change 224.00 5977.00 Thousand Barrels Jan 2026
United States Natural Gas Stocks Change -242.00 -120.00 billion cubic feet Jan 2026

Natural gas
The natural gas futures price is based on delivery at the Henry Hub in Louisiana, the nexus of 16 intra- and interstate natural gas pipeline systems that draw supplies from the region's prolific gas deposits. The contract trades in units of 10,000 million British thermal units (mmBtu). Natural gas accounts for almost a quarter of United States energy consumption. The United States is the biggest natural gas producer followed by Russia. In 2023, the US overtook Australia and Qatar to become the world's largest LNG supplier, driven by rising global prices and increased demand for exports, partly due to supply disruptions and sanctions related to Russia's 2022 actions. The Natural gas market prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our Natural gas market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Actual Previous Highest Lowest Dates Unit Frequency
3.37 3.24 15.78 -1.00 1990 - 2026 USD/MMBtu Daily

News Stream
US Natural Prices Steady After Historic Daily Drop
US natural gas futures hovered near $3.3/MMBtu after suffering a dramatic 25.7% collapse on Monday, the steepest one-day drop since 1995. The sharp reversal followed a major shift in weather expectations, with forecasts now pointing to much milder, near-normal temperatures across most of the US through mid-February. This change came after around ten days of extreme cold that had driven heating demand to unusually high levels. As temperatures rise, frozen wells are thawing, allowing gas output to rebound quickly. Daily output recently hit 111.6 bcfd, the strongest since January 20. Even so, the recent cold snap likely led to very heavy storage withdrawals, potentially pushing inventories from above seasonal norms to slightly below average by late January. Meanwhile, LNG export flows remain strong, near record levels, limiting how far prices may fall despite the improving supply picture.
2026-02-03
US Natgas Prices Sink 21% as Warmer Forecasts Emerge
US natural gas futures plummeted 21% to $3.42 per million British thermal units, erasing Friday’s 11.3% surge, as near term weather forecasts shifted toward milder conditions and reduced demand expectations. Forecasts through mid month point to warmer than normal temperatures across large parts of the country, according to the National Oceanic and Atmospheric Administration, which is likely to curb heating and power generation demand. This outlook offset the impact of ongoing frigid conditions in the southern US, where cold weather has prompted power saving efforts. Prices have been highly volatile in recent weeks, with the February contract surging to a three year high before expiring last Wednesday on storm related production disruptions and strong heating demand. The March contract jumped again on Friday following mixed forecasts and a bullish government storage report.
2026-02-02
US NatGas Plunges Amid Warmer Weather Outlook
US natural gas futures fell 16.6% to $3.63 per MMBtu on Monday, reversing significant gains from the previous week as forecasts of milder weather conditions across broad areas of the country threatened to curb heating demand. While pockets of the southern US remain cold, the National Oceanic and Atmospheric Administration expects that widespread temperatures will remain above seasonal norms. This shift is expected to dampen demand for natural gas, which remains a critical source for both residential heating and electricity generation. The market has been exceptionally volatile in recent weeks, with February futures soared to a three-year high before expiring last Wednesday, while the March contract spiked again on Friday as traders weighed conflicting weather forecasts against strong government storage figures. Flows to liquefied natural gas export plants rose, boosted by the expected restart of a liquefaction train at Freeport LNG in Texas.
2026-02-02