By daniel_grigsby | Feb 02, 2026
March Natural gas futures are falling Monday as long-range models continue trending warmer for the middle of February. It appeared over the weekend that a major arctic front may move through the lower 48 at some point between Feb 13th and Feb 17th. Models have since erased this event almost entirely and prices are falling.
The EIA storage report will come out on Thursday, Feb. 5th for the week ending Jan. 30th. This report will encompass major withdrawals during the extremely cold end to last month. We may see a reversal in price direction if working gas storage falls below the 5-year average. Working storage is 5.3% above the 5-year average as of last reporting.
Models could pick up on another period of abnormal cold, just as easily as the one over the weekend disappeared. There is still plenty of time left before Spring. We may be in for stabilization or a price reversal this week if indication of colder temperatures return, or if the storage withdrawals come out above expectations. Analyst predictions range widely, but the average is a net decrease of 350 Bcf, near the Jan. 2018 record.