The Energy Buyer's Guide | 01.12.2026

Natural gas futures continue to slide to fresh lows.

- Natural gas futures pushed to new multi-year lows, with prices sliding across the curve as the market continued to unwind balance-of-winter risk amid fading cold expectations.

- Demand came in sharply lower than year-ago levels as early January turned mild, reinforcing the market’s growing confidence that winter fundamentals remain loose.

- Storage declined by 119 Bcf, widening the deficit to last year, though inventories are expected to regain ground in the weeks ahead under a milder weather outlook.

- Spot natural gas and real-time power pricing remained elevated in the Northeast, while prices across most other regions stayed subdued, highlighting continued regional divergence despite easing broader fundamentals.