U.S. Natural Gas Futures Decline Amid Lower LNG Export Flows

On January 14, 2026, U.S. natural gas futures experienced a significant decline of approximately 7%, settling at $3.189 per million British thermal units (mmBtu). This drop was primarily attributed to a decrease in preliminary gas flows to liquefied natural gas (LNG) export facilities in Texas, specifically at the Freeport LNG and Cheniere Energy's Corpus Christi plants. Despite forecasts predicting colder weather and increased heating demand, the market reacted negatively to the reduced LNG feedgas, which was projected to fall to a two-month low of 17.4 billion cubic feet per day (bcfd).

EQT slides as U.S. natural gas futures sink on LNG feedgas dropCheniere Energy stock jumps after Wolfe upgrade as U.S. natural gas futures slideUS natural gas futures drop 7% on lower LNG export flows

According to financial firm LSEG, average gas output in the Lower 48 states decreased to 109.3 bcfd in January, down from a record high of 109.7 bcfd in December. The preliminary daily output was expected to drop further to 107.4 bcfd, primarily due to declines in Texas and Wyoming. In contrast, average gas demand, including exports, is anticipated to rise from 136.2 bcfd this week to 151.8 bcfd next week, driven by colder-than-normal temperatures expected around January 17-21.

US natural gas futures drop 7% on lower LNG export flowsEQT slides as U.S. natural gas futures sink on LNG feedgas drop

Cheniere Energy's stock rose by about 3% following an upgrade from Wolfe Research, which set a price target of $220. This increase occurred despite the overall decline in natural gas prices, as investors focused on long-term contracts and cash returns rather than short-term commodity fluctuations. Wolfe Research highlighted that Cheniere's business is approximately 90% contracted for 16 years with high-credit customers, which provides a buffer against market volatility.

Cheniere Energy stock jumps after Wolfe upgrade as U.S. natural gas futures slide

The decline in natural gas prices has affected major producers, with EQT Corp shares dropping roughly 3%. Other companies like Antero Resources and Range Resources also saw declines, while Coterra Energy managed a slight gain. Analysts from Morgan Stanley noted that the current price drop may have gone "too far," suggesting that the futures curve is too low to stimulate the necessary supply growth.

EQT slides as U.S. natural gas futures sink on LNG feedgas drop

The U.S. Energy Information Administration (EIA) projects that Henry Hub prices will remain mostly flat in 2026 at just under $3.50 per mmBtu, with an anticipated rise to nearly $4.60 in 2027 as LNG exports and power-sector consumption grow faster than production. The EIA's forecasts indicate that natural gas power consumption will reach record levels in 2026 and 2027, largely driven by data center demand.

EQT slides as U.S. natural gas futures sink on LNG feedgas drop

The market is closely monitoring the upcoming weekly natural gas storage report from the EIA, scheduled for January 15, 2026, along with daily LNG feedgas figures. The potential for colder weather in mid-January may influence both demand and pricing dynamics in the near future.

Cheniere Energy stock jumps after Wolfe upgrade as U.S. natural gas futures slideEQT slides as U.S. natural gas futures sink on LNG feedgas drop

• “too compelling even with overbuild headwinds.” — Wolfe Research

Cheniere Energy stock jumps after Wolfe upgrade as U.S. natural gas futures slide

• “If outages drag on or LNG demand softens, the market could be stuck with elevated output and a storage surplus larger than anticipated heading into late winter.” — Morgan Stanley Analyst Devin McDermott

EQT slides as U.S. natural gas futures sink on LNG feedgas drop