New York, Jan 9, 2026, 13:52 EST — Regular session
- EQT down about 2.4% as benchmark U.S. natural gas futures slide to around $3.20/mmBtu
- Storage draw was larger than usual, but inventories still sit above the five-year average
- Next catalysts: Jan. 15 EIA storage report; Feb. 17 EQT earnings
EQT Corp shares fell about 2.4% to $50.96 in afternoon trading, tracking a fresh leg down in U.S. natural gas prices. Front-month Henry Hub natural gas futures for February were down 6.1% at $3.198 per million British thermal units (mmBtu), a common unit used to price gas. 1
The moves matter because producers’ realised prices and cash flow are tied, directly or not, to the futures curve. In winter, weather models can flip demand in a hurry, and equities tend to follow the screen even when company news is thin.
This is also the time of year when storage becomes the scorecard. Traders weigh whether withdrawals are large enough to tighten supplies before spring, or whether output and mild weather keep the market loose.
On Thursday, February futures settled down 3.3% at $3.407 as forecasts stayed mostly mild, keeping heating demand below normal, and gas-linked shares sagged with it. Financial firm LSEG put Lower 48 output at 109.1 billion cubic feet a day (bcfd) so far in January, while average flows to the big liquefied natural gas (LNG) export plants have hovered near record highs this month; spot prices at the Waha hub in West Texas also slipped below zero again as pipeline constraints trapped gas in the Permian Basin.
The storage print did not change the tone much. Working gas in underground storage stood at 3,256 billion cubic feet for the week ended Jan. 2, down 119 bcf from the prior week, the Energy Information Administration said. Stocks were 31 bcf above the five-year average, leaving inventories within the historical range. 2
For EQT, the biggest U.S. gas producer, the market has been trading the strip — the chain of monthly futures prices used to value future production — more than any single headline. When the front month slides hard, it tends to pull the whole complex lower, even if some barrels are hedged.
EQT dropped 4.2% on Thursday to close at $52.20, snapping a two-day winning streak, as trading volume ran above its recent average, MarketWatch data showed. 3
But winter risk cuts both ways. A sharper cold shot later in January, or anything that interrupts supply or boosts exports, can tighten the balance quickly; the simpler downside is that near-record output and warm weather keep prices under pressure and force more local markets into distressed pricing.
Investors will watch Thursday’s EIA storage report on Jan. 15 and the weather outlook into late January for the next push. EQT reports quarterly results on Feb. 17, with hedging and production commentary likely to draw as much attention as the numbers.
