NEW YORK, Jan 8, 2026, 14:24 EST — Regular session
EQT Corp (EQT.N) shares slid on Thursday as U.S. natural gas prices fell, pressuring gas-heavy producers after a volatile week in the futures market. The stock was down 4.2% at $52.20 in afternoon trade, while front-month Henry Hub gas futures hovered around $3.388 per million British thermal units (mmBtu), down about 4%.
That link matters right now because winter heating demand is still the swing factor for prices, and traders have been reacting fast to each shift in the forecast. U.S. gas futures jumped 4.3% on Wednesday to settle at $3.494 per mmBtu, but the forward curve (a strip of prices for future months) kept easing, with the 12‑month strip sliding to $3.46 — its lowest since December 2024, according to LSEG data cited in a Reuters report. LSEG put average LNG feedgas flows at 18.6 billion cubic feet per day so far in January and daily output at 109.0 bcfd, factors that have kept the market sensitive to day-to-day weather changes.
The U.S. Energy Information Administration said working gas in storage stood at 3,256 billion cubic feet after a 119 billion cubic feet (Bcf) withdrawal in the week ended Jan. 2. The EIA data, watched as a weekly snapshot of the supply-demand balance, showed inventories 123 Bcf below last year’s level but 31 Bcf above the five‑year average.
Even with that sizable pull, prices softened as forecasts pointed to mild weather and weaker heating demand in the Lower 48 states, keeping the focus on what comes next rather than the past week’s draw. U.S. natural gas futures were down about 3% earlier on Thursday on that outlook, Reuters reported.
Other gas names fell with EQT: Antero Resources (AR.N) was down about 1.5% and Range Resources (RRC.N) lost about 2.5%.
On the chart, February gas futures have already slipped below a first support level near $3.43, and traders are watching whether the contract holds around $3.34, a second support level tracked by Barchart data. If those levels fail, some funds may add to selling pressure as support and resistance — areas where prices often stall — are used to place stop orders.
The setup can flip quickly if colder forecasts firm up, but the downside case is simple: more mild weather and steady supply keep prices pinned. Technical analyst James Hyerczyk at FXEmpire wrote that the coming cold “appears to be a normal cold front” and may not be enough to reverse the downtrend on its own.
Traders now look to the next storage report, due Jan. 15 at 10:30 a.m. EST, and to daily weather model updates for signs winter demand is finally arriving in force.
