Shrinking inventories, lingering production freeze-offs and hints of a possible mid-February cold shot fueled impressive gains for natural gas futures on Friday.

Chart comparing NGI’s weekly Henry Hub natural gas price with Lower 48 storage levels for the week ending Jan. 23, 2026, showing prices rising above $11/MMBtu as storage remains more than 140 Bcf above the five-year average.

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At A Glance:

Production swiftly reboundingMid-February forecasts in focusWeekend freeze-offs could tick upward