New York, January 13, 2026, 06:56 (EST) — Premarket
- UNG climbed 7.5% Monday after U.S. natural gas futures rallied on forecasts for a colder mid-January
- The February gas contract slipped back during overnight trading following Monday’s jump
- Traders are eyeing new weather models alongside Thursday’s U.S. storage report
Shares of the United States Natural Gas Fund (UNG) surged 7.5% Monday, closing at $11.18 before dipping roughly 0.9% in after-hours to $11.08.
That rebound is crucial as weather swings have been driving U.S. natural gas prices, with the market moving into peak winter heating season. When the forecast shifts, traders follow suit.
UNG offers equity traders a quicker route to track natural gas price shifts without dealing with futures contracts themselves. The fund aims to mirror daily changes in natural gas by using NYMEX contracts, rolling over to the next month as the front-month contract gets close to expiration.
NYMEX February futures closed Monday at $3.409 per million British thermal units. Early Tuesday trading showed a drop of about 2.1%, with prices around $3.337.
Forecaster Atmospheric G2 reported Monday that temperatures are expected to drop across the eastern U.S. from Jan. 17-21, with even colder conditions forecast for Jan. 22-26. The update also highlighted short covering after natural gas prices fell to a 2.5-month low on Friday.
Supply remains a heavy drag, showing little sign of letting up. Aegis Hedging reported dry gas production has risen again to over 109 billion cubic feet per day, approaching record highs. They also highlighted forecasts projecting a drop below the 10-year average by the end of the week.
Leverage products moved as expected. ProShares Ultra Bloomberg Natural Gas (BOIL) jumped roughly 14% in premarket action, while its opposite, ProShares UltraShort Bloomberg Natural Gas (KOLD), dropped close to 15%.
Gas-linked names pushed higher early Tuesday. EQT rose around 2%, Antero Resources climbed about 3%, and LNG exporter Cheniere Energy added close to 2%.
By early Monday afternoon, natural gas prices had climbed roughly 5.9%, while UNG surged 6.9%, MT Newswires reported. The rally extended further into the trading session.
That setup works both ways. If the cold snap fades or bypasses key demand hubs, gains can evaporate fast. UNG follows futures rather than the spot gas price, and returns often take a hit when the monthly roll sees later contracts priced higher than the front month.
On the longer-term demand front, LNG developers are racing to get projects into construction. Delfin Midstream announced it extended a letter of award with Samsung Heavy Industries and signed a purchase order for Siemens Energy gear. CEO Dudley Poston said the company aims to reach a final investment decision “in the next month.”
Tuesday’s session will see traders eyeing whether Henry Hub futures hold onto gains after Monday’s surge, along with ETF flows once regular trading kicks off.
