NEW YORK, Jan 4, 2026, 12:41 ET — Market closed
- EQT closed down 0.3% on Friday as front-month U.S. natural gas futures slid 2.6% on a warmer mid-January outlook. 1
- LSEG data cited by Reuters showed Lower 48 gas output hit a December record while LNG feedgas flows also set a monthly high. 1
- Next catalyst: the EIA’s weekly natural gas storage report is due Jan. 8. 2
EQT Corp shares finished the first trading day of 2026 lower after U.S. natural gas futures slipped on forecasts for milder weather across the country. The largest U.S. gas producer closed down 0.3% at $53.46 on Friday. 1
The move matters because January is the heart of the U.S. heating season, when small shifts in temperature forecasts can swing demand and, by extension, gas prices and producer margins. Traders are also weighing record supply against the export pull from LNG terminals. 1
Gas prices set the revenue baseline for Appalachia-focused producers like EQT, which sell much of their output against the Henry Hub benchmark in Louisiana. That makes weather, storage and export flows immediate drivers for gas-linked equities heading into Monday’s reopen. 1
Front-month natural gas futures for February delivery fell 9.6 cents, or 2.6%, to $3.59 per million British thermal units (mmBtu) on Friday, Reuters reported. An mmBtu is a standard unit used to price gas. 1
Meteorologists see warmer-than-normal temperatures nationwide through Jan. 16, Reuters reported, pushing down “heating degree days,” a measure of how much energy is needed to heat buildings. Heating degree days fell from 413 earlier in the week to 369 by Friday, according to the report. 1
On the supply side, financial firm LSEG estimated average Lower 48 output rose to 110 billion cubic feet per day (bcfd) in December, topping a November record, Reuters said. LSEG also put December feedgas flows to the eight largest U.S. LNG export plants at a record 18.5 bcfd. (A bcfd is a daily volume measure.) 1
Gas-heavy peers moved unevenly with the commodity. Antero Resources fell 0.7% and Range Resources was little changed on Friday, while LNG exporter Cheniere Energy rose 1.8%.
Phil Flynn, senior analyst at Price Futures Group, pointed to shifting weather signals and a softer international backdrop for LNG. “There’s also some concern internationally… talk of a potential glut,” Flynn said. 1
But the downside case for producers is straightforward: if the warm pattern holds, futures can keep sliding as storage draws shrink. Ritterbusch Associates said February futures risk slipping back toward pre-Christmas lows around $3.47, while a colder-than-expected turn would tighten balances quickly and reverse the trade. 1
Investors’ next hard read is U.S. storage data: the Energy Information Administration’s weekly natural gas storage report is scheduled for Jan. 8, and the agency’s Henry Hub spot price series is next slated for an update on Jan. 7. Weather model runs into mid-January will remain the swing factor between those releases. 2
