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7
02, 2026
Henry Hub steadies after record storage draw as weather swings rule the tape
New York, February 6, 2026, 06:19 EST — Premarket
- U.S. natural gas futures held steady early Friday despite a record weekly storage withdrawal.
- Traders are balancing the threat of late-winter weather against clues of easing demand.
- February 12 will bring the next U.S. storage report, marking the upcoming key test.
U.S. natural gas futures ticked slightly higher Friday morning, hovering close to $3.50 per million British thermal units (mmBtu). Investors weighed a record storage withdrawal while anticipating the latest weather forecasts. 1
The market wrestles with two narratives at once. First, the scale of last week’s inventory drop. Second, whether forecasts continue to signal a milder period ahead, which could dampen heating demand and ease withdrawals.
Storage now acts as the key buffer against late-winter cold. Once that cushion shrinks, even minor shifts in temperature forecasts can send prices sharply higher — and they have.
Working natural gas stocks in the Lower 48 dropped by 360 billion cubic feet (Bcf) for the week ending Jan. 30. That marks the largest weekly net withdrawal ever recorded in the government’s storage data, the U.S. Energy Information Administration reported. The agency linked the steep draw to Winter Storm Fern and related supply interruptions. 2
The EIA reported working gas in storage at 2,463 Bcf for Jan. 30, marking a 360 Bcf drop from the previous week and sitting 27 Bcf under the five-year average. Despite that, inventories remain 41 Bcf higher than this time last year. The following weekly storage update is scheduled for Feb. 12. 3
The storage number was also below the median market forecast. The much-followed calendar of estimates had predicted a 379 Bcf draw, but the actual withdrawal came in at 360 Bcf, following a 242 Bcf pull from the previous week. 4
A Reuters poll before the data came out estimated a withdrawal near 374 Bcf, noting unusually elevated “heating degree days”—which track how much temperatures fall below 65°F and roughly indicate heating needs—according to LSEG figures. 5
LNG continues to play a crucial role. Cristian Signoretto, Eni’s head of global gas and LNG, said at an industry conference this week that the 2026 LNG market appears “finely balanced.” He cautioned that unexpected cold snaps or heatwaves could swiftly throw supply and demand out of alignment. 6
That said, a few analysts caution the market won’t dwell on the storage news if forecasts stay mild. “Unless we get another major blast … winter might be over soon,” Phil Flynn, senior market analyst at Price Futures Group, noted in a recent briefing. 7
There’s a clear risk for bulls here: should temperatures ease and supply keep bouncing back from weather disruptions, daily demand could fall fast. That would shrink storage withdrawals and leave futures vulnerable to another steep drop.
Traders are eyeing updated medium-range U.S. temperature forecasts through mid-February, looking for clues on LNG feedgas demand shifts. Thursday’s Feb. 12 storage report will be key to confirming whether last week’s draw was just a one-off shock or signals a tighter end-of-winter stretch.
