Natural Gas Prices Subdued by Milder Weather Forecasts for Mid February

Storage Draw Normalization

Despite a record storage withdrawal in late January, US storage levels remain healthy relative to the five-year average. With the peak of the winter heating season potentially behind us, the market is quickly shedding its Arctic risk premium.

LNG Feedgas Floor

Record LNG feedgas flows of nearly 18 Bcf/d are providing a structural floor. As new export capacity comes online later in 2026, Henry Hub prices are expected to remain decoupled from the extreme volatility of spot weather events.