New York, January 5, 2026, 14:34 EST — Regular session
EQT Corp (EQT.N) shares fell 0.9% to $53.01 in afternoon trading on Monday as U.S. natural gas prices weakened, keeping pressure on the country’s biggest gas-focused producer by volume.
The stock’s pullback matters because producers’ cash flow and hedging plans are closely tied to the gas curve, and early-January weather can quickly reset expectations for winter demand. A few degrees in forecasts can translate into meaningful shifts in storage withdrawals and prices.
Traders are also positioning for the next U.S. government storage report, which tracks how much gas is in underground storage across the Lower 48 states. The Energy Information Administration last pegged working gas at 3,375 billion cubic feet (Bcf) for the week ended Dec. 26 and set the next release for Jan. 8.
NYMEX February natural gas futures were last down 9.6 cents at $3.52 per million British thermal units (mmBtu), a standard measure of heat content in gas trading, according to Barchart data. Bloomberg reported the contract slid to its lowest since late October as forecasts turned warmer for next week, likely trimming heating demand.
Bernstein analyst Bob Brackett on Monday raised his price target on EQT to $73 from $72 and kept an Outperform rating, TipRanks/TheFly reported. Brackett wrote the firm “expects choppiness in the near term and sees strength in the longer term.” TipRanks
Other gas-linked names were broadly lower. Antero Resources (AR.N) dropped 4.0%, Range Resources (RRC.N) fell 1.9% and Coterra Energy (CTRA.N) slid 3.6%, while LNG exporter Cheniere Energy (LNG.N) was up 0.3%.
EQT says its scale and integrated midstream footprint help it manage costs and move molecules to market, but the shares still tend to trade like a high-beta proxy for the “strip” — the string of futures contracts that signals expected prices over coming months.
In its latest Short-Term Energy Outlook, the EIA forecast the Henry Hub spot price would average around $4.30 per mmBtu this winter heating season and moderate next year as production rises. That outlook has been sensitive to changes in weather and supply.
But the downside case for producers remains straightforward: a mild start to January can slow storage withdrawals, leaving inventories comfortable and keeping pressure on prices into spring. If output stays firm at the same time, gas-heavy equities can struggle to hold recent gains.
