NATGAS Billboard - Jan 22, 2026

Highlights
  • February contract rose 96.8 cents yesterday and is up more than 60 cents this morning
  • Weather forecast was revised colder
  • Our price forecast has been revised higher for the second day in a row
Analysis & Insights

The February contract on Wednesday rose 96.8 cents to $4.875/MMBtu in the second straight day of massive gains on account of shifts in the weather forecast. An extreme cold snap is expected to sweep across the Upper South over the weekend, leading to market fears that the gas shortages of Winter Storm Uri might rear their ugly heads again. Front month futures rose by 57% over Tuesday and Wednesday’s trading, which is the largest two-day percentage increase ever seen in gas futures. The forecast for weather was revised even colder since yesterday, and we are also seeing production drop, adding to the bullish sentiment. We revised our price forecast higher since yesterday but we remain more bearish than the market, fearing it may be overbought. The front month is up an astonishing 60 cents in trading today.

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