US Henry Hub natural gas futures (NATGAS) are rebounding after an initial bearish reaction to the latest EIA data, which showed inventories falling by 71 billion cubic feet (bcf) versus expectations for a 91 bcf draw. The previous reading also posted a much larger decline, with stocks down by 119 bcf.
Source: xStation5
Over the Q4 2025 and January 2026, natural gas futures felt sharply easing from almost $5,30 per MMBtu in the first half of December 2025 to $3,1 per MMBtu in the middle of January 2026.
Source: xStation5
According to NOAA data, temperatures across the colder US states are expected to be mostly below seasonal norms between January 22 and 28. If this outlook holds, it could point to higher heating demand and help stabilize natural gas futures toward $3.5 per MMBtu.
Source: NOAA, Climate Prediction Centre
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