MW Natural-gas futures are surging again, even after last week's historic surge

By Barbara Kollmeyer

Winter storm sends key contracts higher

People cross the street covered in snow Jan. 25, 2026 in New York City. A massive winter storm is bringing frigid temperatures, ice, and snow to nearly 200 million Americans.

Natural-gas prices are not done rallying, with futures hitting a level not seen since 2022 on Monday, jumping above $6 as a winter storm pummeled a swath of the U.S.

Front-month natural-gas futures (NGG26) were nearly 18% higher at $6.221 per million British thermal units. That contract soared 70% last week to $5.2750/mBtu, the biggest one-week gain since the week ended Dec. 2, 2005, according to Dow Jones Market Data.

It was also the biggest one-week percentage jump on record, driven by an arctic blast that brought dangerous cold, heavy snow and ice and disrupted travel in much of the central and eastern U.S..

An estimated 835,362 U.S. customers were without power as of Monday, according to Poweroutage.com. The National Weather Service has predicted below-normal temperatures for the eastern half of the Lower 48 U.S. states could extend into early February.

Around 10% of U.S. natural gas production was temporarily knocked out of commission just as demand was spiking, noted strategists at Saxo Bank.

"Pipeline deliveries to LNG export plants fell to a one-year low as operators curtailed activity ahead of the storm. Whether this disruption spills over into higher prices in Europe and Asia will depend on the extent of any lasting freeze-related damage," Saxo said. February Title Transfer Facility (TTFC00) natural-gas futures in the Netherlands - the European benchmark - have jumped 48% since the start of the year as parts of the continent have also seen bitter cold and wintry weather.

In addition to futures prices, several related stocks were also rising in premarket trading. Expand Energy shares (EXE )rose nearly 2%, Coterra Energy $(CTRA)$ gained 1.5% and EQT $(EQT)$ rose 2.8%. Last week, Expand and EQT stocks rose nearly 10% each and Coterra rose over 6%.

Goldman Sachs analysts cautioned last week while natural gas prices have likely overshot, continued freezing temperatures could mean persistent volatility. But with those spikes focused on nearer-term delivery contracts, those further out were unlikely to see a sustained rally, as they cut their summer forecast to $3.75/mmBtu from $4.50.

June (NGM26), July (NGN26) and August natural-gas futures (NGQ26) were all trading under $3.00.

-Barbara Kollmeyer

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January 26, 2026 06:33 ET (11:33 GMT)

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