The Energy Buyer's Guide | 12.15.2025

Natural gas futures collapse ahead of widespread warming pattern.

- Natural gas futures reversed sharply, with January 2026 settling near $4.11 per MMBtu after giving back more than $1.00 on the week as weather expectations shifted materially.

- Near-term cold is driving a brief spike in heating demand, but forecast confidence has increased around a pronounced warmup across much of the country through late December.

- Storage posted a 177-Bcf withdrawal, sharply reducing the surplus versus the five-year average and leaving inventories slightly below year-ago levels.

- Spot natural gas and power pricing continued to push sharply higher in the Northeast amid lingering cold and tight market conditions.