New York, Jan 29, 2026, 10:14 a.m. EST — Regular session
- Henry Hub natural gas futures climbed in early deals, fueled by ongoing storm-related outages.
- The U.S. Natural Gas Fund (UNG) nudged up, along with a handful of gas-linked stocks.
- Traders are set to digest the federal storage report, which drops at 10:30 a.m. ET.
U.S. natural gas prices rose Thursday morning, the front-month Henry Hub contract gaining roughly 4% amid ongoing supply issues and anticipation of new storage figures. (CME Group)
This shift is significant as the market reels from a sharp, weather-fueled surge that sent regional spot gas to new highs and triggered unusual LNG flow reversals. These moves tightened short-term supply just as stocks face pressure in the height of winter. (Reuters)
This comes as producers scramble to get output back online after freeze-offs — a problem where water and liquids in the gas stream freeze, blocking wells. The upcoming storage report now stands as a key near-term benchmark for price moves. (Reuters)
U.S. Natural Gas Fund climbed roughly 2.8% near 10 a.m. ET. Producer EQT added about 1.1%. Cheniere, the LNG exporter, rose close to 1.9%. Pipeline firms Williams and Kinder Morgan each gained around 1%.
A Reuters report on Wednesday revealed that LNG players brought cargoes into the United States during the cold snap, including shipments linked to Kinder Morgan’s Elba Island terminal, as prices in some areas soared to extreme highs. “It is extraordinary to see the world’s largest LNG exporter importing LNG,” Jason Feer, head of business intelligence at Poten & Partners, told Reuters. (Reuters)
National natural gas output remained roughly 12 billion cubic feet per day (bcfd) below normal as of Wednesday — about 10% off total production, according to Wood Mackenzie analysts. The Permian and Haynesville basins took some of the biggest hits. Justin Kringstad, director of the North Dakota Pipeline Authority, said he doesn’t expect further curtailments soon, with milder conditions setting in. (Reuters)
In Europe, gas stocks are being depleted at an above-average pace, fueling LNG demand despite U.S. weather driving daily trading. According to Reuters, citing AGSI data, storage levels stood at 44% of capacity on Jan. 26. (Reuters)
For now, the immediate focus remains on U.S. winter and how quickly production bounces back. If freeze-offs reverse faster than demand drops, prompt prices could lose their gains just as fast — a pattern traders know well from past cold spells.
Investors are set to digest the U.S. Energy Information Administration’s storage report at 10:30 a.m. ET. The report tracks weekly shifts in working gas stored underground. (Eia)
The latest EIA data put gas in storage at 3,065 billion cubic feet (Bcf) as of Jan. 16, marking a weekly drop of 120 Bcf. (U.S. Energy Information Administration)
Once the storage release is done, focus will return to updated weather models and whether there are new clues about LNG flows—either exports or the unusual imports spotted this week—changing course again.
