Market Open: Cold Still Bites, but Natural Gas Futures Rally Shows Signs of Exhaustion

Natural Gas Intelligence · last updated January 23, 2026 – 3:56 AM

The rally in Nymex February natural gas futures showed clearer signs of fatigue Friday as profit-taking that surfaced late Thursday carried into overnight trading, even as prices held modest gains near the psychologically important $5 mark.

At A Glance:

Rally momentum fades near $5
February cold moderates in latest models
Freeze-off risks continue to underpin market

here today, more tomorrow

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