New York, Feb 6, 2026, 10:16 (EST) — Regular session
U.S. natural gas futures climbed on Friday, building on gains following a record storage withdrawal that tightened the short-term supply outlook. The NYMEX March contract added 8.4 cents, trading near $3.59 per mmBtu (million British thermal units), per Barchart data. 1
Why it matters now: the market is tightening its winter outlook, with less buffer than a month ago, as the next storage report looms. For the week ending Jan. 30, U.S. underground working gas fell 360 Bcf to 2,463 Bcf, according to EIA data. Stocks remain 27 Bcf under the five-year average, and the next update arrives Feb. 12. 2
The 360 Bcf withdrawal marked the largest weekly net draw in the history of the EIA’s storage data, the agency said, attributing it to Winter Storm Fern’s double whammy of soaring heating demand and reduced production. The EIA also pointed out that the Henry Hub spot price spiked to $9.03 per mmBtu on Jan. 28 amid the freeze, underscoring how quickly cash markets can tighten when production and pipeline flows falter. 3
LNG demand is back on the radar, though mostly as a long-term play rather than a quick trade. Greek joint venture Atlantic Sea LNG Trade is aiming to secure up to 15 billion cubic meters of U.S. LNG annually for 20 years. Its CEO, Alexandros Exarchou, said, “Now is the best possible time to negotiate prices for the future.” Talks are set to move forward at a Washington meeting on Feb. 24. 4
Cheniere Energy has submitted plans to expand its Corpus Christi, Texas facility with a Stage 4 project that would boost LNG capacity by 24 million tonnes per year and require roughly 3.3 billion cubic feet of gas daily, according to a federal filing. This move ramps up competition with Venture Global as LNG exporters push to increase output, despite warnings from some producers about a potential supply glut later in the decade. 5
Traders for now are focused on the fundamentals: temperature swings, fleeting freeze-offs, and if storage levels begin dropping below normal enough to impact the market. Even minor tweaks in the daily balance can send the front month price swinging sharply.
Keep an eye on the curve, too. If futures fall behind quick spot surges, it signals the market anticipates the squeeze will ease rather than persist.
The downside scenario is straightforward. Mild weather, a quicker rebound in production, or an unexpected shutdown at an LNG export terminal could swiftly tip the daily balance and push prices down.
The next major test arrives with Thursday’s EIA storage report on Feb. 12. Until then, traders will lean on updated weather forecasts and watch for shifts in demand from LNG terminals and power burn.
