New York, Jan 21, 2026, 14:47 EST — Regular session.
- EQT shares surged over 6% amid a rally in U.S. natural gas-linked stocks
- Gas prices surged as cold-weather forecasts and short-covering kicked in
- Traders are eyeing Thursday’s U.S. storage report for fresh clues
EQT Corp shares jumped 6.2% to $54.66 in afternoon trading Wednesday, following a strong rally in U.S. natural gas prices. Range Resources climbed roughly 4%, Devon Energy gained nearly 4%, and Coterra Energy added about 2%. The U.S. Natural Gas Fund surged close to 10%, while the SPDR S&P 500 ETF rose around 1%.
This shift is significant since EQT’s stock often reacts sharply to gas market moves, particularly during winter. Even a slight tweak in temperature predictions can quickly alter heating demand, shaking up short-term prices.
This week’s jump in gas prices follows a stretch where traders were betting the opposite. Once that positioning reverses, things can unravel fast.
U.S. front-month natural gas futures for February surged 26.7% Tuesday, closing at $3.932 per million British thermal units (mmBtu). This jump followed the contract’s slide to a 13-week low right before the Martin Luther King Jr. holiday weekend. Reuters attributed the sharp rebound to colder weather forecasts and short-covering. LSEG reported Lower 48 production at 108.8 billion cubic feet per day (bcfd) so far in January, while demand, including exports, is expected to climb to 168.8 bcfd next week. Flows to the eight major liquefied natural gas (LNG) export plants averaged 18.5 bcfd this month. On the cash side, next-day gas prices in New York nearly tripled to $11.76 per mmBtu. Meanwhile, the Waha hub in West Texas remained negative as pipeline constraints kept supply locked in. 1
Meteorologists are warning of a fierce winter storm expected to deliver subzero temperatures, heavy snow, and hazardous ice over a broad section of the U.S. later this week, raising the chances of a jump in heating demand. The Associated Press linked the storm to a stretched polar vortex. 2
Tom Kloza, an independent oil analyst, told X that the Northeast heating oil and natural gas markets could face their “stiffest test” in nearly a decade, MarketWatch reported. Prices had been pressured earlier by a mild winter start and increased production, but that shifted as colder weather arrived. 3
But gas rallies driven by weather often evaporate quickly. If forecasts shift warmer or supply rebounds, causing the market to ease up on short squeezes, the benchmark tends to plunge—and producers’ stocks usually take a hit too.
Investors aren’t just focused on the current cold snap—they’re eyeing the bigger picture for gas in 2026. Global LNG supply is set to surge this year, loosening tight markets and putting downward pressure on prices, Reuters reported. According to Kpler, 2026 will be “a transitional year for the LNG market.” 4
Policy moves also play a role. President Donald Trump declared a national energy emergency and ended the previous administration’s hold on approving new LNG terminals, Reuters reported Tuesday. These actions could shift long-term demand and investment—and ensure politics stays baked into prices. 5
Thursday’s U.S. natural gas storage report, out at 10:30 a.m. Eastern, will be the next major catalyst. Traders treat it as the weekly measure of inventory withdrawals. The Energy Information Administration schedules the following release for Jan. 22. 6
