New York, January 7, 2026, 10:23 ET — Regular session
- United States Natural Gas Fund (UNG) up about 3% as U.S. gas prices rebound after a sharp two-day slide
- Traders juggle shifting weather forecasts, output signals and LNG export demand
- Next focus is Thursday’s U.S. storage report
Shares of United States Natural Gas Fund LP (UNG), a widely traded natural gas price proxy, rose 2.9% to $11.61 in morning trade as benchmark U.S. natural gas climbed 4.7% to $3.51 per million British thermal units (mmBtu), an energy unit used in gas pricing. 1
UNG is designed to track the daily percentage move in near-month Henry Hub natural gas futures, a structure that can amplify day-to-day swings when the contract is volatile. USCF Investments, the fund’s sponsor, says it generally holds the “near month” contract and shifts to the next month as expiry nears. 2
The rebound matters now because winter gas can turn fast on small changes in heating demand, and traders are heading into the next U.S. Energy Information Administration storage report with prices already moving hard. The EIA’s latest storage release schedule shows the next report is due Thursday, Jan. 8, with estimates released at 10:30 a.m. Eastern time. 3
Natural gas got hit on Tuesday, sliding about 5% to a roughly 10-week low as mild winter weather forecasts cut expected heating demand, while regional pricing strains showed up in West Texas, where Waha Hub prices fell into negative territory amid pipeline constraints. 4
On Wednesday, futures bounced about 4% as forecasts pointed to a slight cooldown that could lift near-term heating demand, even with the broader pattern still described as mostly mild. U.S. LNG exports were also flagged as running strong, with shipments on track to set a monthly record in January. 5
Eli Rubin, an energy analyst at EBW Analytics Group, said the cash market’s weakness had started to bleed into futures. “Physical natural gas prices are crashing, with Henry Hub spot prices trading at a mere $2.86 per MMBtu yesterday,” Rubin wrote, adding: “In the middle of winter, however, weather remains king.” 6
Other gas-linked products moved with the tape. Leveraged ProShares Ultra Bloomberg Natural Gas (BOIL) rose 3.9%, while the inverse ProShares UltraShort Bloomberg Natural Gas (KOLD) fell 4.1%. In equities, Antero Resources and Range Resources edged higher, while Coterra Energy slipped; LNG exporter Cheniere gained about 1%.
But the move cuts both ways. If forecasts swing warmer again or production firms up, the bounce can fade quickly, and UNG’s futures “roll” can be a drag when later contracts trade above the front month.
Next up is the EIA’s Weekly Natural Gas Storage Report on Thursday (Jan. 8), a data point that often resets the short-term narrative for traders watching weather models, LNG feedgas and storage draws. 7
