The Energy Buyer's Guide | 01.05.2026

Natural gas futures plunge ahead of another major warming pattern.

- Natural gas futures reversed lower, with prices sliding across the curve as February took over as the prompt month following January’s rally into expiration at $4.687 per MMBtu.

- A brief cold snap lifted demand last week, but updated January forecasts now point to broadly milder conditions.

- Storage declined by 38 Bcf during a mild, holiday-impacted week, returning inventories to a small surplus versus the five-year average after briefly dipping into deficit.

- Spot natural gas and real-time power prices strengthened, particularly in the Northeast, reflecting cold-driven demand, though near-term pricing pressure is expected to ease as temperatures moderate again.