Natural Gas Jan ’26 Futures Surge Above $5 as Cold Snap, LNG Exports and Coal Switching Drive Three‑Year High
In the first week of December 2025, January 2026 Henry Hub natural gas futures (NGF26) punched decisively through the psychologically important $5.00/MMBtu level, closing around $5.29 on Friday, 5 December, while the front‑month continuous contract touched roughly $5.34 — the highest levels since late 2022.Investing.com+3Barchart.com+3MarketWatch+3 The move capped a stunning rally: U.S. natural gas futures are up about 65% from mid‑October lows and roughly 70% year‑on‑year, with the Jan ’26 contract alone gaining more than 18% over the past month and trading near the top of its 52‑week range.Barchart.com+2Trading Economics+2 At the same time, global benchmarks are telling a split