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- Natural Gas Update January 13,2026
January 14, 2026
Overview
Natural Gas--NG is up 1.0 cents at $3.419
NG futures are higher again today after Monday's 7.5% rise in spot futures. Colder weather forecasts for later in the month, short covering and record LNG feedgas demand have boosted NG.
This week’s total forecast for HDD is 174, compared to a normal of 209 and up from the actual figure of 147 from last week, as per the NOAA on Monday. (Bloomberg) Forecaster Atmospheric G2 said Monday that forecasts shifted colder across the eastern half of the US for January 17-21, potentially boosting nat-gas heating demand. Also, the weather outlook trended colder in the northern half of the country for January 22-26. (Barchart)
Monday's feed gas volume was seen at 19.3 BCF/d, besting the prior record of 19.2 BCF/d. The volume is up 4.4 BCF/d from a year ago. (Celsius Energy)
Short covering looks to have been in effect when looking at the CME open interest data from Monday's trading for NG futures. Open interest fell by a total of 36,978 contracts. Notable decreases were seen in the February through May strip.
TTF European natural futures have gapped higher again today, rising to their best value since Nov. 4,2025. "Colder weather boosted heating demand and unrest in Iran raised concerns over LNG and pipeline supplies," ING notes. They add: "First, there are potential risks to LNG flows from the Persian Gulf. Second, there’s the potential for disruptions to Iranian Gas flows to Turkey. Given the large TTF fund short, it wouldn’t take much to move the market as funds run in to cover shorts." (FX Street)
Notable open interest data from the LN/NG options from Monday's activity on the CME shows the $1.00 call in the Feb/March one month CSO falling, the February $2.75 put rising and the July/October 3 month CSO minus 5 cents call rising. The February $2.75 put traded in size between 2.0 and 3.5 cents. Also, the February $2.75 put was sold against buying of the $2.90 put at a cost of between 2.4 and 3.0 cents. The February $2.75 put was also sold twice against buying of one $3.00 put at a cost of 3.4 to 3.6 cents to the $3.00 put buyer. The Feb/March $1.00 call traded in size at 4.5, 5.5 and 6.0 cents. The July/October minus 5 cent call was sold versus buying of the minus 15 cent put for a cost of 0.1 cents to the put buyer. Among other notable trades seen were the Feb/March 1 month CSO 50/35 cent put spread in a 1 by 2 ratio at a cost of 2.3 cents to the 50 cent put buyer. A March $3.00 call/$2.50 put fence traded 8.4 cents with .66 delta futures sales at $2.84.
Technically NG spot futures today have risen to test light resistance at 3.496-3.502 with a high of 3.499. Above that resistance lies at 3.585-3.591. Support is seen at 3.355 and then at 3.290-3.296, which is just below the overnight low of 3.298. Momentum is positive basis the DC chart.
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Disclaimer
This article and its contents are provided for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any commodity, futures contract, option contract, or other transaction. Although any statements of fact have been obtained from and are based on sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed.
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