New York, Feb 5, 2026, 06:36 EST — Premarket update.
- U.S. natural gas futures climbed in early trading, building on gains from the previous session.
- Traders are gearing up for what could be a record storage withdrawal in the weekly U.S. government report set for release Thursday.
- Shifts in weather models and LNG flows continue to be the key variables driving swings heading into next week.
U.S. natural gas futures nudged up Thursday morning, the March contract climbing 6 cents to $3.525 per million British thermal units (mmBtu).
The immediate focus is on the U.S. Energy Information Administration’s weekly storage report, set for release at 10:30 a.m. ET. Analysts expect a 379 billion cubic feet (Bcf) drawdown for the week ending Jan. 30.
A draw that large puts a clear number on what traders have been speculating about for days: freeze-offs squeezing supply, heating demand surging, and LNG plants scrambling with feedgas amid grid stress. “It’s a draw for the ages,” said Phil Flynn, senior account executive at The Price Futures Group, in an interview cited by S&P Global. S&P Global
Wednesday’s action set the pace. March futures surged nearly 4.9% in a single session, closing near $3.47/mmBtu, per CME settlement figures.
Bulls are counting on colder forecasts combined with the current storage situation. Commodity Weather Group projects very cold weather in the U.S. Northeast through Feb. 8, a period that could rapidly tighten supply as homes and power plants battle for fuel.
The latest official storage report still indicated some buffer. Working gas in Lower 48 storage stood at 2,823 Bcf on Jan. 23, dropping 242 Bcf from the previous week but remaining 143 Bcf higher than the five-year average, according to the EIA.
Beyond the U.S., the LNG market remains tight. “Europe has very low storages, and we need to refill it in the summer,” said Cristian Signoretto, Eni’s director for global gas & LNG portfolio, in Doha this week. Reuters
The recent cold snap highlighted just how quickly the U.S. can shift from exporter to a tight market. Equinor offloaded roughly 30% of its U.S. onshore gas on the spot market in January. CFO Torgrim Reitan noted that some sales into the New York area went for “more than $100 per MMBtu” during that period. Reuters
Buyers are still sending strong demand signals. Taiwan intends to raise its U.S. natural gas imports to around 30%-33% of total imports this year, up from about 10% currently, CPC chairman Fang Jeng-zen told reporters in Taipei.
Gas prices rarely stay supported once the weather warms up. A sudden shift to milder forecasts, a quicker recovery in output as freeze-offs ease, or weaker LNG feedgas demand can all sap momentum. This market has shown it’s quick to hit crowded trades hard.
At 10:30 a.m. ET, the storage report drops alongside a fresh batch of weather updates. Traders are keyed in on whether withdrawals match the sharp predictions and if the supply-and-demand outlook heading into mid-February sustains the market’s tight grip or shifts the narrative back toward surplus.
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