New York, January 19, 2026, 12:22 EST — Market closed.
- U.S. natural gas futures jumped sharply, driven by a renewed focus on the cold spell expected in late January.
- Analysts noted that short-covering and consistent LNG demand fueled the move as it gained momentum.
- U.S. stocks are dark for the holiday, shifting attention to Tuesday’s reopening and Thursday’s storage report.
U.S. natural gas futures jumped sharply Monday, with the February front-month contract climbing 57.3 cents to $3.676 per million British thermal units (mmBtu), the standard heat measurement in gas trading. 1
The surge came after a sudden shift in weather forecasts and market positioning. “It’s all about the polar vortex,” Phil Flynn, senior market analyst at Price Futures Group, told Rigzone. SEB analyst Ole R. Hvalbye pointed to a colder near-term outlook and “short-covering” — traders scrambling to buy back bets that prices would drop. 2
The timing is crucial since the next key marker is storage. According to the Energy Information Administration, working gas in U.S. storage was 3,185 billion cubic feet (Bcf) as of Friday, Jan. 9. Traders closely monitor weekly withdrawals for signs that cold spells are genuinely draining supply. 3
U.S. markets stayed shut Monday for Martin Luther King Jr. Day, limiting any direct impact on gas-linked stocks during the session. 4
Gas-sensitive stocks ended the final cash session on a positive note. EQT picked up roughly 1.2%, Antero Resources advanced around 1.8%, and LNG exporter Cheniere Energy jumped close to 2.0%. The United States Natural Gas Fund (UNG), a popular natural-gas ETF, edged up about 0.3%.
Europe’s benchmark TTF gas price fell sharply overseas, sliding over 7% to about 34 euros per megawatt-hour. This comes after it hit a seven-month peak close to 37 euros last week, according to Trading Economics. 5
The bigger picture remains a tug of war between supply and demand growth. The EIA’s January Short-Term Energy Outlook projects the Henry Hub price to dip roughly 2% in 2026, settling just below $3.50/mmBtu on average. Then, in 2027, it expects a sharp rebound to just under $4.60/mmBtu, driven by rising demand including LNG exports. 6
But rallies like this often lose steam quickly. Weather models can shift warmer, and production usually doesn’t ramp up right away despite higher prices. Plus, if the next forecasts ease, a move fueled by positioning can unwind just as fast.
The next major event is Thursday’s EIA storage report, scheduled for Jan. 22 at 10:30 a.m. EST. Traders will keep an eye on daily weather model updates and whether LNG feedgas—pipeline gas sent to export plants—remains steady through late January. 7
