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Speculators Drive Natural Gas Futures Past Key Resistance as Deep-running Cold Looms

Natural Gas Intelligence · last updated

Natural gas futures settled above $5/MMBtu for the first time since December 2022, as the market looked past a bearish storage miss and toward the next two reports, which are expected to show massive withdrawals tied to weather-driven demand.

Table titled “Weekly EIA Lower 48 States U.S. Working Gas in Storage” for the week ending Nov. 28, 2025, showing regional storage levels and weekly changes. Total Lower 48 storage declines 12 Bcf to 3,923 Bcf. The East, Midwest, Mountain, and Pacific regions each fall by 4–15 Bcf, while the South Central region rises 16 Bcf. Implied withdrawal is 12 Bcf, compared with a 26 Bcf withdrawal a year earlier and a five-year average of 3,732 Bcf. Source: NGI, EIA.

At A Glance:

  • January futures up 6.8 cents
  • EIA prints 12 Bcf drawdown
  • Possible 180-plus Bcf pull next week

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