With production roaring back and temperatures moderating in at least some regions, physical natural gas prices continued to ease off the eye-watering highs reached at the height of Winter Storm Fern.

Line chart showing NGI’s Chicago Citygate daily natural gas prices in $/MMBtu from late January 2025 through late January 2026, with prices mostly stable before a sharp spike above $60/MMBtu in January 2026 followed by a rapid decline.

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At A Glance:

Pricing still elevated despite steep declinesWaha flips negativeProduction bouncing back quicker