MW Natural-gas prices soar as temperatures drop. It could be the toughest test for the markets in a decade.

By Steve Goldstein

Stocks of nat-gas producers were surging, with Expand Energy, Coterra Energy shares among the leading S&P 500 advancers

Bitter cold is sending natural-gas futures soaring on Tuesday.

Natural-gas futures skyrocketed on Tuesday in anticipation of a bitter cold stretch in the Northeastern part of the U.S.

The front-month contract for natural gas (NGH26) soared 15.2% in recent morning trading. The rally comes after prices had hit earlier this month the lowest levels seen since late-2020.

"The next two weeks look like they will present the stiffest test for Northeastern heating oil and natural gas markets in nearly a decade," said Tom Kloza, an independent oil analyst, in a comment on X.

The National Weather Service said a "frigid" arctic airmass will result in temperatures 15 to 25 degrees Fahrenheit colder than usual in the Northeast and the Midwest. And the outlook through the end of January also looks bitter cold.

The cold spell upends what had actually been a tepid winter, which along with rising Appalachia and Permian gas production, has driven what's still a 32% decline in natural-gas prices from their December peak.

The rally in futures sent shares of natural-gas producers surging.

Expand Energy's stock $(EXE)$ ran up 3.8% in recent morning trading, to make it the S&P 500 index's SPX fourth best performer, and among the standouts in a broad-market selloff. That rally comes just days after the stock closed at a three-month low, and after Benchmark analyst Subash Chandra said it was his top energy pick for 2026.

Coterra Energy shares $(CTRA)$ jumped 3.6%. They had gained 3.6% last week, amid multiple reports that the company, which currently has a market capitalization of $20.3 billion, was in merger talks with Devon Energy $(DVN)$, which has a $22.9 billion market cap.

EQT's stock $(EQT)$ was also among the top gainers in a down market, with the stock up 1.8%. It had closed last Thursday at a four-month low.

Tomi Kilgore contributed.

-Steve Goldstein

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January 20, 2026 10:05 ET (15:05 GMT)

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