Natural Gas Update January 15,2026

Overview

Natural Gas--NG is up 0.4 cents at 3.124
NG futures are near unchanged now after having rebounded overnight as some of the recently lost LNG feedgas volume returned. Also supportive is the expectation for near term colder weather. Some cite a weak EIA gas storage number expected today as weighing on NG futures prices.

LNG feedgas demand is estimated to recover 1.34 BCF/d today to 17.51 BCF/d, driven primarily by a rebound in Freeport supply after disruption to power at its pre-treatment facility earlier this week. Cheniere's Corpus Christi facility's supply remains curtailed by pipeline maintenance today. (Market News)  On Wednesday, NG spot futures fell to their lowest level since October 17 weighed down by the temporary loss of feedgas volume the past 48 hours from 2 key plants. The total loss from the 2 plants was 3.14 BCF.

Warmer forecasts were also said to have weighed on NG futures Wednesday. The midday update to the Global Forecast System weather model on Wednesday shifted warmer across the eastern half of the US for the January 24-28 period, as per Barchart commentary. Yet, another forecaster, NatGasWeather, has a different view. They are calling for “frosty air” to advance into the northern half of the U.S. late in the week and next weekend with highs of 0s to 40s, lows of -0s to 30s for stronger national demand. They’re also calling for stronger demand for Thursday through Sunday. From the price action, it looks as if these events have already been discounted as normal winter weather patterns, as per one analyst's comment.

Wednesday saw the national average spot gas price rise over the NG spot futures for February.  NGI’s Spot Gas National Avg. on Wednesday rallied 56.5 cents to $3.255/MMBtu. February NG settled down 29.9 cents at 3.120.

The EIA gas storage data due out today is seen as a draw of 87 to 90 BCF as per WSJ and Reuters surveys. This compares to last year's draw of 227 BCF and the 5 year average draw of 146 BCF.

TTF prices in Europe have risen today to their best spot futures level since October 8th on cold weather and LNG risks. (Market Screener) In recent days, the price has also been supported by the low level of gas in storage and by likely short covering by funds. Europe has seen accelerated withdrawals from its gas-storage facilities in recent days, with inventories slipping below 55%; WSJ commentary adds that stronger Asian demand is also supporting the European gas marker, as parts of Asia are experiencing a cold wave.

On Wednesday, NG spot futures technically fell further into the gap on the DC chart created in mid-October. NG February spot futures settled 8.75% lower Wednesday. The March and April contracts settled 5.66 % and 5.49 % lower. Wednesday's low was 3.068. The gap goes down to 3.024. Those are support points to us. Some light resistance for the February NG comes in at 3.305-3.310. Momentum remains basically neutral.

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