January natural gas futures traded solidly above $5.00/MMBtu on Friday, building on Thursday’s decisive breach of the psychological threshold amid frigid weather and near-record LNG demand.

Line chart showing NGI’s National Average Daily Natural Gas Prices from December 2024 through December 2025, highlighting a sharp winter price spike above $12/MMBtu in early February 2025, followed by a long period of stable sub-$4/MMBtu pricing and a notable upswing approaching $6/MMBtu in early December 2025.

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At A Glance:

Futures up whopping 22.6 centsMore cold on the wayStrong production limits upside