New York, Feb 19, 2026, 13:21 EST — Regular session
- U.S. natural gas futures slipped roughly 0.5% by midday.
- Last week’s storage data from EIA showed a 144 billion cubic feet withdrawal.
- Weather, production levels, and LNG demand remain front and center for markets heading into early March.
U.S. natural gas futures edged lower on Thursday, with weekly storage figures landing pretty much in line with market expectations, leaving traders focused on the pace of late-winter weather and the timing of supply rebuilds.
The March Henry Hub contract slipped 1.5 cents to $3.016 per million British thermal units (mmBtu) on the day. (CME Group)
This storage report carries weight: the U.S. is right in the thick of “withdrawal season,” with utilities tapping underground reserves to cover heating needs. An unexpected number can quickly reset views on the leftover gas stash as spring approaches.
Thursday’s report arrives while traders weigh whether the deep freeze in January was a fluke or the start of bigger swings—particularly with LNG export demand continuing to pressure the system.
The U.S. Energy Information Administration logged a net withdrawal of 144 billion cubic feet (Bcf) in the week ending Feb. 13, according to EIA figures cited by Oil & Gas 360. That move left working gas stocks at 2,070 Bcf—123 Bcf below the five-year norm. (Oilandgas360)
The storage gap hasn’t budged, but traders are back to watching the basics—today’s output, cash prices for the next day, and those temperature forecasts that tweak heating demand.
LNG is still the key long-term challenge. This week, Reuters columnist Gavin Maguire noted that from January through November 2025, U.S. LNG exporters burned through a record 5,000 Bcf of natural gas. Export volumes during that stretch jumped 25% compared to the same window in 2024, with the Henry Hub spot price climbing 61% last year. (Reuters)
The EIA is calling for U.S. marketed natural gas production to hit new highs: 120.8 Bcf per day in 2026, increasing to 122.3 Bcf per day in 2027, according to the agency’s latest outlook. That’s from a report citing the EIA, published by the Midland Reporter-Telegram.
EIA Administrator Tristan Abbey, speaking in a February briefing, pointed to Winter Storm Fern as having put “significant short-term pressure” on gas markets. He added that those elevated near-term prices are likely to spur additional drilling, with production expected to rise later this year. (U.S. Energy Information Administration)
But for bears, the risk looms clear enough: should early March bring unexpected cold, or if production freeze-offs hit again, or an LNG plant runs into trouble disrupting feedgas demand, the storage conversation could reignite in a hurry.
The next real mover for traders lands Feb. 26 at 10:30 a.m. ET—the EIA’s fresh weekly storage report. Before that, shifts in weather models over the coming days are set to shape sentiment as the month wraps up.
