New York, Jan 30, 2026, 13:37 EST — Regular session
- March NYMEX natural gas climbed 41.7 cents, or 10.6%, to settle at $4.335 per mmBtu by midday.
- U.S. Natural Gas Fund (UNG) jumped almost 8%, with producer EQT and Antero also pushing higher, though Cheniere edged down.
- Traders are keeping an eye on LNG export volumes and the EIA storage report due next Thursday, following storm-related disruptions.
U.S. natural gas futures surged Friday, adding to a volatile week as supply to liquefied natural gas export terminals started to bounce back and traders weighed what follows the recent deep freeze. By 12:45 p.m. ET, March NYMEX gas climbed 41.7 cents, or 10.6%, to $4.335 per million British thermal units (mmBtu), according to CME data. (CME Group)
The shift is significant because LNG now heavily influences U.S. gas supply balances, and any outages quickly ripple through prices. Freeport LNG in Texas, closely monitored among U.S. export hubs, was set to process about 1.8 billion cubic feet per day (bcfd) on Friday, rising from 1.5 bcfd on Thursday following a compressor-system shutdown, according to LSEG data. (Reuters)
Supply is still recovering from winter-storm damage. U.S. natural gas output dropped roughly 6.1 bcfd on Thursday compared to normal levels, after falling as much as 18.1 bcfd earlier in the week, according to consultancy Wood Mackenzie in a separate update. (Reuters)
Gas-linked stocks followed the broader trend. The United States Natural Gas Fund climbed roughly 7.9% by late morning, with EQT, a leading producer, adding about 1.7%. Antero Resources edged up 0.4%. Meanwhile, LNG exporter Cheniere Energy dropped around 1.6%, and pipeline giant Kinder Morgan slipped about 0.8%.
Storage figures have been fueling jitters. On Thursday, the Energy Information Administration reported a 242 billion cubic feet (Bcf) withdrawal for the week ending Jan. 23. That left working gas in storage at 2,823 Bcf—still 143 Bcf above the five-year average and 206 Bcf higher than the same time last year. (EIA Information Releases)
This week’s price moves reflected more of a shuffle in molecule flows than a true shortage. When the storm hit, LNG terminals like Elba Island and Cove Point took in unusual LNG imports as spot gas prices spiked and grid stresses mounted, Reuters reported. It’s a sharp reminder that U.S. export hubs can switch to import mode when domestic prices soar. (Reuters)
Global spillover risks are drawing attention as well. In January, the U.S. accounted for 60% of the European Union’s LNG imports, based on Kpler data obtained by Reuters. This shift leaves Europe more vulnerable to disruptions from U.S. weather or plant issues than it was a few years back. (Reuters)
New U.S. LNG capacity is on the horizon, but not just yet. Exxon Mobil CEO Darren Woods told reporters Friday that the Golden Pass export terminal’s first LNG is expected “in very early March,” following setbacks and budget overruns. (Reuters)
The bulls face clear risks. Should freeze-offs continue to ease and temperatures rise, production and storage surpluses might return fast, wiping out the market’s so-called “storm premium” almost overnight.
Traders are focusing on two key factors heading into next week: whether LNG feedgas continues its rise as plants return to normal operations, and the EIA storage report due Thursday, Feb. 5, which could reveal how much the recent cold spell has impacted inventories.
