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Late Season Cold Fails to Halt Natural Gas Forward Price Slide

Natural Gas Intelligence · last updated

Natural gas forward prices fell broadly during the Jan. 8–14 trading period as colder weather on tap for the second half of January appeared too little, too late to reverse rising estimates for end-of-season inventories.

NGI chart of West Texas regional key forward basis curves showing El Paso Permian, Transwestern, and Waha pricing from January 2026 through February 2028. Basis values start near minus $3.00/MMBtu in early 2026, strengthen sharply into late 2026, and stabilize between roughly minus $1.20/MMBtu and minus $0.60/MMBtu through 2027 and early 2028.

At A Glance:

  • February fixed prices slide sharply
  • Eastern, West Coast hubs lead losses
  • Permian basis firms despite discounts

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