NEW YORK, Jan 30, 2026, 06:20 EST — Premarket.
U.S. natural gas futures slipped early Friday, retreating slightly after a turbulent week marked by winter weather and pipeline issues. The March Henry Hub contract fell roughly 4 cents, or 1%, to $3.878 per million British thermal units (mmBtu), according to CME data.
The pullback arrives as traders wrestle with demand forecasts into early February, while supply gradually recovers from a severe storm. During the peak of the price spike, the U.S. saw imports of liquefied natural gas (LNG)—an unusual move for a nation that’s now a major LNG exporter. “This shows the problem with the Jones Act,” Jason Feer, head of business intelligence at Poten and Partners, told Reuters, referring to the U.S. shipping law restricting domestic marine transport. Reuters
Supply is trickling back—but not all at once. According to Wood Mackenzie, cited by Reuters, natural gas production fell about 6.1 billion cubic feet per day (bcfd) on Thursday, down from a peak drop of 18.1 bcfd on Monday.
Storage continues to drive market focus as February approaches. The U.S. Energy Information Administration reported working gas in storage at 2,823 billion cubic feet (Bcf) for the week ending Jan. 23, a drop of 242 Bcf from the previous week. This figure is still 206 Bcf higher than the same week last year and sits 143 Bcf above the five-year average of 2,680 Bcf, the agency said.
Weather is the next hurdle. The National Weather Service’s Climate Prediction Center projects below-normal temperatures for much of the U.S. east of the Mississippi over the next 6 to 10 days. Meanwhile, warmer-than-average conditions are expected across large parts of the West and Plains.
The Weather Prediction Center flagged a “rapidly intensifying coastal cyclone” set to hit the Carolinas this weekend, bringing heavy snow, strong winds, and blizzard conditions. Coastal flooding is also a concern along portions of the Eastern Seaboard. NCEP WPC
LNG flows introduced fresh volatility. According to Argus, feedgas nominations to Gulf Coast LNG export terminals jumped to 15.8 billion cubic feet on Jan. 28, up from a one-year low of 10.9 billion cubic feet on Jan. 25. The rebound came as milder weather and softer regional gas prices boosted exports. Argus also noted that delivered LNG prices to northwest Europe for late February were significantly below feedgas costs linked to some U.S. Atlantic terminals amid the recent storm-driven spike.
The market is still processing the fallout from expiry. The February futures contract settled at $7.460 per mmBtu just before it expired Wednesday, while the March contract, which sees more action, dropped 2.3% that day to close at $3.732 per mmBtu, Bloomberg reported. “This has been unique, to say the least,” said Darrell Fletcher, managing director of commodities at Bannockburn Capital Markets, in that report. Energy Connects
Producers report the initial impact is easing, despite winter not yet over. Justin Kringstad, director of the North Dakota Pipeline Authority, told Reuters he doesn’t anticipate further curtailments soon, citing “relatively mild winter conditions and limited precipitation in the coming week.” Reuters
The risk for bears remains clear: if the Mid-Atlantic and Northeast face prolonged hazardous cold, supply balances could tighten quickly—especially with potential freeze-offs returning. The Weather Prediction Center highlighted a “hazardous cold threat into next week” in its latest extended discussion. NCEP WPC
Coming next is the EIA storage report for Feb. 5. Traders are also tracking daily changes in weather models and monitoring if LNG feedgas volumes hold steady after recent storm disruptions.
