New York, Feb 5, 2026, 10:10 EST — Regular session
U.S. Henry Hub natural gas futures hovered around $3.45 per million British thermal units (mmBtu) on Thursday as traders awaited the Energy Information Administration’s weekly storage update. The market has been volatile since Monday’s 25.7% drop—the largest single-day decline since 1995. Meanwhile, gas flows to the nation’s eight largest liquefied natural gas (LNG) export terminals averaged 18.3 billion cubic feet per day in February so far, close to December’s record levels. This strong export demand helped counterbalance milder weather forecasts and steady production.
The storage figure carries weight after last week’s winter storm tightened supply and drove heating demand up, leaving traders eager for signs that inventories have turned. Analysts polled by Platts, part of S&P Global, forecast a 366 billion cubic feet (Bcf) drawdown for the week ending Jan. 30. If realized, it would mark the largest withdrawal on record and wipe out the remaining storage surplus, the report said. “It’s going to be a draw for the ages,” said Phil Flynn, senior account executive at The Price Futures Group. SP Global
Some forecasts push the withdrawal up to around 379 Bcf, a figure that’s been circulating on trading floors for days. The March Nymex contract surged 4.65% Wednesday, reacting to a cold snap in the U.S. Northeast that bumped against pre-report bets.
Gas-linked stocks showed a mixed picture in early New York trading. The United States Natural Gas Fund (UNG) edged up roughly 0.8%, while EQT (EQT) held steady. Range Resources (RRC) dipped around 0.2%, and Antero Resources (AR) gained about 0.3%. Shares of LNG exporter Cheniere Energy (LNG) dropped near 1.4%.
For the week ending Jan. 23, the EIA reported working gas in storage at 2,823 Bcf following a 242 Bcf pull. That level was roughly 5% above the five-year average, though traders believe that buffer has mostly vanished.
Antero highlighted a key development this week. In a Feb. 3 Form 8-K, the company announced it finalized the HG Energy II Production Holdings acquisition, paying roughly $2.8 billion in cash. To support the purchase, it secured a $1.5 billion unsecured term loan facility.
Equinor, Europe’s largest gas supplier, highlighted just how volatile the U.S. market remains. CFO Torgrim Reitan revealed the company sold roughly 30% of its U.S. onshore gas volumes on a spot basis in January, hitting prices “more than $100 per mmBtu” on some sales into the New York region. Meanwhile, benchmark Henry Hub month-ahead gas swung sharply, trading near $3.33 on Feb. 4 after reaching a high of $7.46 on Jan. 28, according to Reuters. Reuters
Yet storage also carries risk. If withdrawals come in smaller than expected, or production bounces back quicker as temperatures rise, the downside pressure that hit markets earlier this week could return.
All eyes are on Thursday’s report and its impact through mid-February, when weather forecasts usually take over market moves. The EIA typically releases data at 10:30 a.m. Eastern on Thursdays, unless a holiday shifts the schedule—meaning the next update is due Feb. 12.
