New York, Jan 9, 2026, 10:22 (EST) — Regular session
- EQT shares barely budged in early trading, following a steep decline the previous day.
- U.S. natural gas futures slipped further, with forecasts calling for mild weather putting a lid on heating demand.
- All eyes are on the latest weather models, with traders also bracing for next week’s U.S. storage numbers.
EQT Corp slipped 0.2% to $52.12 during Friday morning trading. The move followed a selloff in the previous session, as investors pulled back from gas-linked producers while U.S. gas prices softened.
U.S. natural gas futures slipped roughly 2%, landing near $3.33 per million British thermal units (mmBtu)—the figure traders use to benchmark gas deals. These small price shifts have an outsized effect right now, with just a few cents making or breaking cash flow forecasts for producers linked closely to Henry Hub pricing, according to 1 .
Thursday’s government storage data wasn’t enough to firm up prices. The U.S. Energy Information Administration reported a 119 billion cubic foot draw in gas for the week ended Jan. 2—just a touch higher than the Reuters poll had suggested. Still, futures slipped. Inventories hit 3,256 bcf, landing about 1% above their five-year average, according to 2 .
Supply hasn’t budged. LSEG numbers put Lower 48 output just shy of record highs, as forecasts continued to favor temps above average heading into late January—a setup that keeps heating demand in check. Heating degree days, that key gauge for energy use, are running lower than normal in current models, according to 3 .
EQT shares tumbled 4.2% Thursday, closing at $52.20. That’s about a 16% slide from the December peak of $62.23. Trading was heavy, with volume well above its 50-day average—pointing to quick-trigger trades mixing in with institutional selling, according to 4 .
The pressure was evident in other gas-sensitive stocks Friday. Antero Resources dropped 1.1%, Range Resources edged down 0.7%, and Coterra Energy slid 0.8%. The U.S. Natural Gas Fund ETF (UNG) recorded a 0.7% decline.
The tape’s mood can flip fast. WSI is pointing to widespread above-average temperatures next week, but a sudden cold snap later in January could yank demand higher and trigger deeper storage draws. It’s a tricky setup for gas names: if warm weather sticks and output doesn’t ease, realized prices stay under pressure, squeezing gas-sensitive stocks. More on futures prices at 5 .
Investors are working to distinguish between short-term weather-driven moves and bigger-picture trends. EOG Resources finance chief Ann Janssen, speaking this week, noted the ongoing buildout of liquefied natural gas infrastructure could tip the market into oversupply and drag down natural gas prices—a reminder that new export capacity isn’t all upside once it gets up and running.
Looking ahead, traders are zeroed in on updated weather models this weekend and Thursday’s EIA storage numbers at 10:30 a.m. ET. A surprise in withdrawal volumes could be the catalyst for both Henry Hub price action and fresh moves in gas-levered stocks.
