New York, Feb 10, 2026, 10:09 EST — Regular session
- March Henry Hub natural gas futures slipped around 1%, extending losses after Monday’s steep drop on the back of warmer weather forecasts.
- Williams shares climbed after the pipeline operator raised its dividend and projected 2026 profit ahead of what analysts were looking for.
- Focus is on LNG export numbers, changing weather, and the U.S. storage data due Thursday.
U.S. natural gas futures slipped another 1% Tuesday, holding close to $3.10. That comes on the heels of Monday’s sharp selloff, which was triggered by updated late-winter weather projections calling for milder temperatures.
Gas-linked shares were mixed. Williams Companies climbed, buoyed by a raised 2026 profit forecast and a higher dividend.
Why does the back-and-forth matter? The market is scrambling to re-price late-winter demand, while U.S. liquefied natural gas exports are still siphoning supply from the domestic grid. That cocktail can jolt Henry Hub in a hurry. The ripple effects hit cash flows for producers, pipeline operators, and LNG shippers alike.
March contracts for Henry Hub natural gas—the U.S. benchmark—traded at $3.099 per mmBtu, slipping 3.9 cents, or 1.24%, CME data showed. 1
The March contract dropped 8.1% on Monday, finishing at $3.15 per mmBtu as weather models shifted warmer through Feb. 23. Forecasts downgraded Heating Degree Days, cutting expectations for heating demand. So far in February, Lower 48 gas production has averaged 106.99 billion cubic feet per day (bcfd), with feedgas deliveries to U.S. LNG export plants rising to 18.3 bcfd—close to recent peaks—according to LSEG data. “The strong gas price advance … was obviously reversed,” Ritterbusch and Associates said. A Reuters poll flagged a 249 billion cubic feet (bcf) storage draw for the week ending Feb. 6. 2
Williams is now projecting 2026 adjusted earnings between $2.20 and $2.38 a share, which tops the LSEG analyst consensus of $2.28. The company is also bumping its 2026 dividend by 5%, setting it at $2.10 per share. RBC Capital Markets’ Elvira Scotto called Williams “among the best positioned” to capture upside from growing gas and power demand, citing its Transco network and additional power-focused expansions. 3
Shares of Williams climbed 3.8% to $70.41 during regular hours.
Kinder Morgan edged up roughly 0.8%, with Cheniere Energy, a major LNG exporter, also tacking on 0.8%. Gas producer EQT, on the other hand, lost about 0.9%. The United States Natural Gas Fund ETF, which tracks natural gas futures, climbed about 0.9%.
Still, traders are glued to fresh forecasts. A snap of cold, unexpected freeze-offs cutting production, or trouble at a big LNG facility could flip the balance in a hurry. On the flip side, if output doesn’t budge and mild weather stretches late into February, that risk tilts the other way.
Looking ahead to Thursday, Feb. 12: the U.S. Energy Information Administration releases its weekly storage numbers, and new mid-to-late February weather model runs drop. Gas infrastructure investors are also tracking project backlogs to see if they finally deliver more consistent volume growth, especially with prices on shaky ground.
