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- Natural Gas Update January 19,2026
February 3, 2026
Overview
Natural Gas--NG is up 47.2 cents at $3.575
NG spot futures are currently up strongly. Forecasts seen over the weekend boosted weather demand. Near term GWDD demand is seen at the highest level in the past 6 years.
Celsius Energy is forecasting a very strong withdrawal of 302 BCF for the week ended Jan. 30. That would be only the 5th withdrawal ever over 300 BCF. Celsius Energy sees the next 2 weeks GWDD total demand at 600. This beats the amount for the period seen in the prior 5 years. Those years saw GWDD totals ranging from 452 to 579. GWD demand was seen higher by 43 HDD in the American model and by 42 HDD as per the European weather model in a Sunday late afternoon forecast, according to NatGasWeather data.
US domestic natural gas production is estimated 0.132 BCF/d higher today at 112.73 BCF/d, although still below the 30-day average of 113.40 BCF/d, according to BNEF data.
TTF prices in Europe are down about 7 % today trading near Euro 34.25 on what is said to be some profit taking after last week's nearly 30% rally. Additionally, the European price for LNG has risen over the Asian on, thus likely attracting more LNG imports, as per news wire commentary. (ING/WSJ) Technically the momentum has turned basis the DC chart for the spot TTF futures and the contract has receded to fall back under the DC chart's upper bollinger band. Upside resistance is likely at Friday's high near Euro 38. Support is seen below at the Euro 31.36 area.
CFTC data issued Friday showed money managers added some to their net short futures/options in NG on the CME. The net short position rose by 3,875 contracts to a total of 104,049 contracts. The data is for the week ended Tuesday Jan. 13. The sharp fall in NG futures during the past week makes us believe that more shorts may have been added in the latter half of the week.
Technically, there is now a gap down to 3.230 from the overnight low of 3.380. Resistance at 3.585-3.592 has been tested this morning. Resistance is then seen at 3.634. Support is likely at 3.355-3.357. Momentum is positive for the NG futures 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.
Commodity trading involves risks, and you should fully understand those risks prior to trading. Liquidity Energy LLC and its affiliates assume no liability for the use of any information contained herein. Neither the information nor any opinion expressed shall be construed as an offer to buy or sell any futures or options on futures contracts. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. Any opinions expressed herein are subject to change without notice, are that of the individual, and not necessarily the opinion of Liquidity Energy LLC
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