The Energy Buyer's Guide | 02.02.2026

February NYMEX surges to expire at $7.46 per MMBtu.

- Natural gas futures completed a historic rally into February expiration, with the February 2026 contract rolling off the board at $7.46 per MMBtu — the highest February expiry since 2008.

- Weekend weather models softened enough to trigger a sharp reversal lower, with the March contract and the Summer 2026 strip giving back essentially all of last week’s gains as of Monday morning.

- U.S. storage inventories remain above year-ago levels, but early estimates point to a potentially record-breaking withdrawal in the upcoming report.

- Extreme cold drove widespread physical stress across gas and power markets last week, with triple-digit spot gas prices and elevated power pricing underscoring the significance of winter price risk.