New York, Feb 5, 2026, 17:06 EST — After-hours trading
- Late Thursday, front-month Henry Hub natural gas climbed 1.7% to $3.525 per mmBtu.
- The EIA reported a record weekly withdrawal from U.S. storage, totaling 360 billion cubic feet.
- Gas-linked UNG climbed, with traders shifting focus to weather forecasts and the storage report due Feb. 12.
U.S. natural gas futures rose Thursday, with the front-month Henry Hub contract gaining 1.7% to close near $3.525 per million British thermal units (mmBtu). Prices fluctuated between $3.33 and $3.57 throughout the session.
This matters since winter demand is still carrying the load in this market, with storage acting as the shock absorber. When inventories shift sharply, traders usually reprice upcoming weeks quickly, especially given weather’s ongoing influence.
The Energy Information Administration reported a 360 billion cubic feet (Bcf) drop in working gas storage, down to 2,463 Bcf for the week ending Jan. 30. Stocks now sit 27 Bcf under the five-year average. The agency plans to release its next weekly storage update on Feb. 12.
The EIA’s “Today in Energy” report linked the record drawdown to Winter Storm Fern, which ramped up heating demand and cut production in some U.S. gas regions. Data revealed residential and commercial use surged far beyond typical seasonal levels during the cold snap. U.S. Energy Information Administration
The draw was still lighter than many in the market expected. A Reuters poll released Wednesday put the withdrawal at 374 Bcf, with estimates spanning from 315 Bcf to 385 Bcf. The survey also noted a big increase in “heating degree days,” a weather measure tied to heating demand. BOE Report
Weather is still the key factor. According to Commodity Weather Group forecasts cited in a Barchart commentary on TradingView, the eastern U.S. faces very cold conditions through Feb. 9. After that, the Midwest and South are expected to see warmer-than-normal temperatures.
The late-January price surge remains vivid for traders. Equinor’s CFO, Torgrim Reitan, told Reuters the company sold roughly 30% of its U.S. onshore gas volumes on a spot basis that month. He added some sales into the New York area went for “more than $100 per MMBtu” during the cold snap. Reuters
U.S. equities saw the United States Natural Gas Fund (UNG), an ETF tied to natural gas futures, finish the day at $13.52. It then crept up to $13.60 in after-hours trading.
Shares of EQT, the biggest U.S. gas producer, dipped 0.1% to close at $55.33. Investors are eyeing the company’s earnings report set for Feb. 17, which will offer fresh insights on production, hedging strategies, and demand trends.
EQT declared a quarterly cash dividend of $0.165 per share on Thursday, with a payment date set for March 2. Shareholders of record as of Feb. 17 will be eligible, the company said.
The setup works both ways. If the cold snaps earlier than expected—or if production bounces back fast after storms—withdrawals could narrow and prices could drop as sharply as they climbed. On the other hand, a severe freeze or a surge in LNG and power demand would keep the floor unstable.
On deck: the Feb. 12 EIA storage report, plus fresh U.S. weather model updates through mid-February. Producers’ earnings are also set to roll in during that period.
