NEW YORK, Feb 6, 2026, 13:51 (EST) — Regular session
U.S. Henry Hub natural gas futures slipped on Friday, shrugging off a record weekly storage draw as traders zeroed in on changing weather forecasts. The March contract fell 4.8 cents, or 1.4%, to $3.46 per million British thermal units (mmBtu) in early New York afternoon trading, according to Investing.com data.
The retreat follows a record-setting weekly drop in U.S. gas storage, highlighting just how fast winter demand can strain supplies. According to the Energy Information Administration, working gas in storage plunged by 360 billion cubic feet (Bcf) for the week ending Jan. 30, pushing inventories to 1.1% below the five-year average for this period.
Supply has been the big story. The American Gas Association reported that Winter Storm Fern slammed demand to a record seven-day rolling average of 167.4 Bcf a day. Meanwhile, Lower 48 production dropped to 94 Bcf a day at its lowest point before bouncing back to around 105–106 Bcf/d by Feb. 4. LNG feedgas demand took a hit too, falling as much as 43% during the cold snap, which helped relieve some pressure on the domestic market.
CME Group reported a record storage draw, which pushed total inventories down to 2,463 Bcf — that’s 41 Bcf higher than last year but still 27 Bcf under the five-year average. The group also forecast heating demand to remain strong through the weekend, with a warming trend expected next week.
Gas-linked stocks moved in different directions. EQT gained $1.06, closing at $56.39, and Antero Resources rose 84 cents to $34.69. Cheniere Energy, the LNG exporter, jumped $2.59 to hit $213.13. Meanwhile, the U.S. Natural Gas Fund ETF, which follows gas futures, slipped 4.5 cents to $13.48.
Williams Companies dropped $0.68, closing at $66.74, after a Reuters story reported the pipeline operator is considering acquiring U.S. natural gas production assets. The move aims to bundle energy offerings for data center clients. Williams said it “continuously evaluates opportunities that align with and advance our natural gas-focused strategy,” but declined further comment. The company is set to release fourth-quarter results and hold its 2026 analyst day on Tuesday. Investing.com
Atlantic Sea LNG, a joint venture between Greece’s DEPA and construction firm Aktor, is negotiating a deal to lock in up to 15 billion cubic meters of U.S. LNG annually for 20 years, its CEO told Reuters. Alexandros Exarchou emphasized the need for Europe to avoid becoming a “hostage to gas” again through long-term contracts. The venture hopes to finalize an agreement in Washington on Feb. 24. Reuters
The near-term trade is still driven by weather—and that’s a double-edged sword. A Barchart commentary published by Nasdaq noted that Thursday’s record inventory draw pushed the March contract higher at settlement. But it also highlighted forecasts predicting bitter cold across the eastern U.S. through Feb. 9, then a shift to warmer-than-average temperatures in the Midwest and South through Feb. 19.
The next key data release for traders is the government’s weekly storage report, set for Feb. 12 at 10:30 a.m. Eastern. It will reveal if withdrawals are still running unusually high as February progresses.
