New York, January 15, 2026, 06:29 (ET) — Premarket
- Natural gas price-tracking fund UNG is in focus after a sharp slide tied to weaker LNG feedgas.
- Traders are watching LNG plant flows, colder-weather forecasts and the next U.S. storage report.
- Gas producers moved lower with the futures pullback, underscoring how fast sentiment can shift.
Shares of the United States Natural Gas Fund (UNG), a widely traded proxy for U.S. natural gas prices, were in focus ahead of Thursday’s open after a steep pullback in gas futures linked to softer flows into LNG export plants.
The move matters now because LNG exports have become a major swing factor for U.S. gas demand. When feedgas — natural gas delivered to liquefaction facilities — dips, futures can slide even if domestic heating demand is expected to rise.
UNG is an exchange-traded fund that holds short-dated natural gas futures and rolls contracts forward. That structure can magnify day-to-day moves when the futures curve shifts quickly.
U.S. natural gas futures fell 23 cents, or 6.7%, on Wednesday to settle at $3.189 per million British thermal units (mmBtu), after preliminary gas flows to LNG export plants in Texas dropped. LSEG data showed daily LNG feedgas was headed for a two-month low of 17.4 billion cubic feet per day (bcfd), reflecting declines at Freeport LNG and Cheniere Energy’s Corpus Christi plant, even as colder-than-normal weather forecasts pushed expected demand higher into late January. In the cash market, Waha Hub prices in West Texas stayed in negative territory as pipeline constraints trapped gas in the Permian Basin, while overseas benchmarks remained elevated. 1
UNG ended Wednesday down 9.5% at $10.24. U.S. gas producers also slipped, with EQT down 2.6%, Antero Resources off 1.7% and Range Resources down 0.9%, while LNG exporter Cheniere Energy rose 3.2%.
The Energy Information Administration said this week it expects Henry Hub spot prices to ease about 2% to just under $3.50 per mmBtu in 2026, before rising to just under $4.60 in 2027 as demand growth outpaces supply, driven mainly by higher feedgas demand from U.S. LNG export facilities.
LNG contract activity is still ticking along. Saudi Aramco signed a long-term agreement for Commonwealth LNG to supply 1 million metric tonnes per year, with an option to lift volumes to 2 million, as developers line up buyers for new U.S. Gulf Coast capacity. 2
Broader export trends help explain why traders keep staring at feedgas numbers. U.S. LNG shipments jumped in 2025 and are expected to grow again in 2026 as additional liquefaction capacity comes online, Reuters columnist Gavin Maguire wrote, citing industry data. 3
Still, the near-term tape is fragile. A warmer shift in weather models, a rebound in production, or a longer disruption at an LNG facility could all swing prices hard in either direction, and UNG tends to follow.
The next catalyst is Thursday’s U.S. gas storage report at 10:30 a.m. ET, along with daily LNG feedgas nominations and any updates on operations at Freeport and Corpus Christi. Traders are also watching the mid-January cold window flagged by forecasters for signs demand is actually arriving.
