NEW YORK, Jan 30, 2026, 17:05 (EST) — Trading after hours
U.S. natural gas futures surged nearly 13% on Friday, closing near $4.42 per million British thermal units (mmBtu) at the Henry Hub benchmark. During the session, prices fluctuated between about $3.82 and $4.43. 1
This matters because the cold snap has pushed heating and power demand higher, while the gas market struggles with freeze-offs and erratic export flows. PJM Interconnection, the largest U.S. grid, expects power demand to hit 141 gigawatts on Friday and remain elevated through Feb. 2. “PJM continues to work with its generation and transmission owners to prepare for frigid operating conditions,” the grid operator said. 2
The U.S. Energy Information Administration reported a 242 billion cubic feet (Bcf) drop in storage for the week ending Jan. 23, leaving inventories at 2,823 Bcf. Although stocks remain 206 Bcf higher than a year ago and 143 Bcf above the five-year average, the sizable withdrawal has traders watching supply recovery closely. The next storage update is scheduled for Feb. 5. 3
Pipeline deliveries to Freeport LNG were set to climb to roughly 1.8 billion cubic feet per day (bcfd) on Friday, up from 1.5 bcfd the previous day, LSEG data showed. This comes after Train 3 shut down Thursday due to a compressor system issue. Freeport’s three trains have a combined capacity to convert about 2.4 bcfd of gas into LNG. When the plant goes offline, U.S. prices tend to dip, while European benchmarks usually gain. 4
Supply disruptions remain a pressing concern. As of Wednesday, national natural gas output fell roughly 12 bcfd, roughly 10% of U.S. production, Reuters reported. The Permian Basin and Louisiana’s Haynesville shale were among the most severely affected areas. 5
At the height of the storm, the U.S. LNG sector actually turned to buying cargoes. BP and Shell rerouted superchilled gas from Trinidad to U.S. terminals to take advantage of soaring regional prices, analysts and LSEG ship-tracking data reveal. “This shows the problem with the Jones Act,” said Jason Feer, head of business intelligence at shipping firm Poten & Partners, pointing to the U.S. law that restricts LNG shipments between domestic ports. 6
Gas-related shares responded to the shift. EQT climbed 2.5%, while Antero Resources added roughly 3% on Friday.
Shares of LNG exporter Cheniere Energy dipped 0.7% in late trading.
That said, the market can shift rapidly. Should the thaw accelerate and freeze-off volumes bounce back, storage might swell again, pushing prices down from this week’s rally.
Traders are eyeing Freeport’s feedgas—the pipeline supply that LNG plants turn into export cargoes—and watching if power demand holds firm into early February. The next key data point: the Feb. 5 EIA storage report, which will offer a fresh gauge of the cold’s impact.
