NEW YORK, December 30, 2025, 17:47 ET — After-hours
- February U.S. natural gas futures settled at $3.972 per MMBtu, down 0.35%.
- UNG was up about 0.5% in after-hours trade, while gas-linked names were mostly higher.
- Traders are focused on the next U.S. storage report due Wednesday and shifting early-January weather forecasts.
U.S. natural gas futures settled lower on Tuesday as warmer early-January forecasts cooled demand expectations, while the United States Natural Gas Fund (UNG) ETF was modestly higher in after-hours trading.
The price action matters now because gas markets are entering the core winter heating period, when small changes in temperature outlooks can quickly swing demand and prices. Those swings spill into popular natural-gas ETFs such as UNG, which many investors use as a stock-like proxy for gas futures.
A U.S. government storage report released Monday showed working gas in storage fell by 166 billion cubic feet (Bcf) in the week ended Dec. 19 to 3,413 Bcf, leaving inventories 129 Bcf below a year earlier and 24 Bcf under the five-year average. The next storage report is scheduled for Wednesday, Dec. 31, the EIA data showed.
The front-month (nearest-expiring) February NYMEX contract settled at $3.972 per million British thermal units (MMBtu), down 0.35%, according to Barchart. Barchart’s pivot levels put nearby resistance around $4.08 and first support near $3.84.
The contract gave up earlier gains after forecasters shifted warmer for early January, prompting “long liquidation” — traders closing bullish bets — Barchart analyst Rich Asplund wrote. “Forecasts shifted warmer over much of the central and eastern US for January 4-8,” he said. BloombergNEF estimated Lower 48 dry gas production at 112.9 billion cubic feet per day (bcfd) on Tuesday, versus demand of 113.1 bcfd, with estimated LNG export net flows of 19.8 bcfd. TradingView
UNG was up about 0.5% at $13.12 in after-hours trade. Among gas-sensitive equities, EQT, Range Resources and Coterra were modestly higher, and LNG exporter Cheniere Energy also edged up. Leveraged products were mixed, with BOIL slightly higher and KOLD slightly lower.
UNG is designed to track daily moves in U.S. natural gas by holding NYMEX futures and rolling its benchmark contract as expiry approaches, which can cause it to diverge from spot prices over time.
For traders, Wednesday’s storage report is the next major check on whether withdrawals are keeping pace as forecasts churn. Weather model updates and daily LNG feedgas flows remain the key short-term drivers.
Price action around the $4 mark is likely to stay headline-sensitive into year-end, with thin holiday liquidity amplifying intraday reversals. A sustained shift back toward colder forecasts would quickly put the bulls back in control; a warmer run would keep pressure on the front of the curve.
In equities, investors will be watching whether gas producers continue to track the broader tape or reconnect more tightly to the commodity after the next storage data point lands.
