Spot Prices Wrap: Direction Splits as Weather Shifts, Transwestern Cut Muddy Balancing

Natural Gas Intelligence · last updated February 10, 2026 – 2:07 PM

Though warming was on tap across large swaths of the country into mid-February, a chilly Wednesday in parts of the Midwest and Northeast — along with a temporary capacity cut that could affect intraday balancing at hubs tied to Transwestern — left U.S. natural gas spot prices mixed Tuesday.

Line chart titled “NGI’s National Avg. Daily Natural Gas Prices” showing U.S. daily natural gas prices in $/MMBtu from February 2025 through February 2026, with prices mostly ranging between $2–$5/MMBtu before a sharp spike above $45/MMBtu in mid-January 2026 followed by a rapid pullback.

At A Glance:

Northeast prices retreat but remain elevated
Waha slides as supply backs up upstream
Rockies firm as Permian flows tighten

here today, more tomorrow

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