The Energy Buyer's Guide | 01.20.2026

Natural gas futures rally sharply on weekend weather changes.

Jan 20, 2026

∙ Paid

- Natural gas futures stabilized near multi-year lows last week, with February finding support at $3.00 per MMBtu before rebounding sharply to open this week on colder late-January forecasts.

- A light 71-Bcf storage draw flipped stocks back to a surplus to year-ago levels, though colder outlooks have begun to shift end-of-season expectations back below 2.0 Tcf.

- Fundamentals tightened modestly week over week as demand rebounded, but balances remain materially looser than the same period in 2025 due to strong production and much lighter weather-related demand.

- Forward power markets softened last week, but the weekend weather shift highlights ongoing upside risk as the winter progresses.

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