Natural Gas Funds Caught Short as ‘Mother Nature’s Sledgehammer’ Flips Widow Maker Spread

Natural Gas Intelligence · last updated January 22, 2026 – 4:32 AM

Natural gas traders caught on the wrong side of the market are scrambling to cover short positions as an Arctic blast rewrites the winter narrative, fueling a rapid rise in futures and flipping the closely watched “widow maker” spread back into backwardation.

Line chart showing NGI’s Henry Hub March–April 2026 natural gas futures spread, tracking the price differential in $/MMBtu from January 2025 through January 2026. The spread peaks near $0.55/MMBtu in late winter 2025, trends lower through summer and fall, briefly turns negative in December 2025, then rebounds slightly in January 2026. Source: NGI Forward Look calculations.

At A Glance:

Widow maker spread signals late-winter risk
Funds unwind heavy short exposure
Storage outlook tightens sharply

here today, more tomorrow

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