NEW YORK, January 2, 2026, 08:41 ET — Premarket
Shares of EQT Corp fell 1.9% in premarket trading on Friday, while the United States Natural Gas Fund (UNG) slid 6.7% as U.S. natural gas prices weakened. Range Resources dropped 2.3% and Antero Resources fell 1.8%, while LNG exporter Cheniere Energy edged up 0.5%.
The moves matter because gas-heavy producers tend to trade like a levered bet on the commodity, with changes in futures prices feeding quickly into expectations for cash flow and drilling plans.
Early January also sits in the heart of the winter heating season, when day-to-day weather model shifts can swing demand and, by extension, sentiment toward the whole group.
Benchmark February Henry Hub futures were last around $3.61 per million British thermal units (mmBtu) on Friday, down about 8 cents from the prior close, according to Barchart data. 1
Meteorologists see above-normal temperatures across the Lower 48 through Jan. 14, cutting heating demand measured by heating degree days, or HDDs, a gauge of how much energy is needed to heat buildings. The U.S. Energy Information Administration reported a 38 billion cubic feet (Bcf) storage withdrawal for the week ended Dec. 26, below analysts’ expectations in a Reuters poll, while LSEG projected average Lower 48 gas demand, including exports, at 134.5 billion cubic feet per day (bcfd) next week versus 137.8 bcfd this week. Energy Ventures Analysis President Robert DiDona said the market is “about to hit the next wave of the LNG boom” even as LSEG pegged December output at a record 110.1 bcfd and LNG feedgas — pipeline gas flowing into export terminals — at 18.5 bcfd. 2
A smaller storage draw at the same time weather turns warmer is a double hit for bulls, because it suggests more gas remains available for the rest of winter.
That leaves traders leaning heavily on daily weather updates, which can change quickly and force short-covering rallies or sharp selloffs.
The divergence between producers and Cheniere reflects the split investors have been trading: softer domestic heating demand pressures gas prices, while steady export flows can support volumes for LNG-linked names.
For U.S. drillers, the bigger issue is the futures strip — the market’s forward price curve — because it helps set hedging levels and influences how aggressively companies plan to grow output.
Next on the calendar is the EIA’s weekly storage update due on January 8, which will give the next read on whether withdrawals are starting to accelerate as winter progresses. 3
Investors are also watching for any disruption at LNG export plants, where unexpected outages can quickly loosen the supply-demand balance by reducing feedgas flows.
