New York, Feb 18, 2026, 16:40 EST — After-hours
- Henry Hub natural gas futures slid 3.3%, settling at $2.931 per mmBtu.
- EQT shares closed up, boosted by stronger-than-expected profits and new guidance on 2026 output and capital plans.
- Focus now shifts to Thursday’s U.S. storage report, with traders also eyeing temperature forecasts for late February.
U.S. natural gas futures dropped on Wednesday, with the March Henry Hub contract shedding 10 cents, down 3.3%, landing at $2.931 per million British thermal units (mmBtu). The mmBtu remains the industry’s benchmark for gas pricing. 1
The drop is notable—traders are now focused on the tail end of winter rather than the season’s kickoff. According to the National Weather Service’s Climate Prediction Center, updates for the next 6–10 and 8–14 days highlight a changing weather pattern as February winds down and March approaches. 2
Gas-related stocks showed a mixed picture. EQT picked up 1.5% to close at $58.63. Antero Resources ticked up 0.7%, Range Resources added 2.2%. Expand Energy dropped 3.2%. The U.S. Natural Gas Fund ETF (UNG), often used by retail traders to track near-term gas futures, slipped 0.2%.
EQT, the largest natural gas producer in the U.S., topped analyst expectations for its fourth-quarter adjusted profit and set 2026 production guidance at 2,275 to 2,375 billion cubic feet equivalent (Bcfe). CEO Toby Rice pointed to “extremely challenging weather conditions” from Winter Storm Fern, but said the storm left production largely unaffected. 3
EQT is now calling for roughly $3.5 billion in free cash flow for 2026, based on current strip pricing, according to its latest earnings release. The company has also increased its 2026 hedges to 25% via collars, locking in both a minimum and maximum price. “Delivered outstanding performance across the board” in 2025, CEO Rice said. 4
Expand Energy is looking to cut at least $1 billion in debt in 2026, banking on stronger gas prices and production gains compared to last year. 5
Weather isn’t the only factor investors are eyeing; demand remains a wildcard. U.S. LNG exporters used up 5,000 billion cubic feet of natural gas from January through November 2025, Reuters said Wednesday, a figure that’s feeding into concerns about domestic supply and stirring talk of exports becoming a flashpoint in the cost-of-living conversation. 6
On the supply front, there’s still plenty in the pipeline. The U.S. Energy Information Administration projects that U.S. marketed gas production will set new records in both 2026 and 2027, with the Permian, Appalachia, and Haynesville regions driving the surge. 7
The path forward isn’t linear. A late-season cold snap could trigger deeper storage withdrawals, while freeze-offs may choke output in major basins. Either scenario would quickly shift sentiment and send volatility surging up front.
Thursday brings the weekly U.S. natural gas storage numbers at 10:30 a.m. Eastern, a data point that frequently shapes late-week momentum. 8
