The U.S. natural gas market is experiencing historic volatility as Winter Storms Blair and Cora bring dangerously cold temperatures across much of the country. According to Yahoo Finance, natural gas futures surged as much as 75% over five days.
The massive storm is expected to affect more than 150 million people, with freezing rain across much of the Southeast, blizzard conditions across the Appalachians and into the mid-Atlantic, followed by an Arctic blast expected to send wind chills below 0 degrees from the Dakotas to Maine and as far south as Virginia. According to CNBC, wind chills could fall to -50 degrees Fahrenheit across the Upper Midwest and Northern Plains.
"We are anticipating a major winter weather event expected to impact much of the U.S. population this weekend, especially the Midwest and East Coast," Kristi Noem, Secretary of the Department of Homeland Security, said in an X post.
The contracts for near-term U.S. natural gas futures have skyrocketed more than 70% so far this week, according to FactSet data. This puts natural gas on track for the biggest weekly increase since 1990 and at the highest price since 2022, according to Bloomberg.
"The next week will be very challenging," said Darrell Fletcher, managing director of commodities at Bannockburn Capital Markets, who has only seen a few moves in natural gas futures like this in his 30 years as a trader.
Beyond the Storm: Structural Factors Support Natural Gas
While the immediate price spike is driven by weather, longer-term structural factors also support the natural gas market. According to a January 21, 2026, analysis from Goehring & Rozencwajg, U.S. shale gas production growth has decelerated significantly, with production outside the Permian Basin declining 1 billion cubic feet per day (bcf/d) over the past eighteen months.
"The gas bull market may finally be upon us, though one suspects most investors will recognize it only after the price screens have already done the shouting," the Goehring & Rozencwajg report stated.
The research firm noted that rising LNG exports, growing data center demand, and largely stagnant shale supply make it difficult to imagine inventories not beginning a steady drawdown relative to long-term norms. They posed the question: "How much longer can U.S. natural gas trade at a 60% discount to global prices?"
Additionally, Jefferies analysts noted that "data center demand, higher renewables mix, and coal retirements have reduced flexibility," and major reliability events are now a "key power sector risk."
EQT Corporation: America's Largest Independent Natural Gas Producer
EQT Corp. (EQT:NYSE) is the largest independent natural gas supplier in the United States, accounting for approximately 6% of U.S. natural gas output. The company focuses production in the Marcellus Shale field of the Appalachian Basin.
Streetwise Ownership Overview*According to Yahoo Finance, shares of EQT picked up 6% on Wednesday as natural gas futures surged on forecasts of the Arctic outbreak.
In its most recent quarter, EQT reported earnings of US$0.52 per share, exceeding estimates by US$0.36, with adjusted operating revenue up 52% year-over-year to US$1.98 billion.
The company produces around 6 billion cubic feet equivalent of natural gas per day and holds about 19.8 trillion cubic feet equivalent of proved reserves.
In recent news, EQT Corp. announced that it would issue its fourth quarter and year-end 2025 financial and operating results news release after market close on Tuesday, February 17, 2026.
The company also intends to host a conference call to review the results and other relevant matters on Wednesday, February 18, 2026.
With its upcoming financial and operational results, Jefferies expects EBITA to reach the upper end of guidance. The company has also invested in low-emissions certified gas to attract data center operators concerned with environmental standards.
On January 18, Jefferies analyst Lloyd Byrne raised the firm's price target on EQT to US$71 from US$68 and maintained a Buy rating.
On January 9, Bernstein increased its price target to US$73 from US$72 and maintained an Outperform rating.
According to Morningstar, "The artificial intelligence and data center boon to energy demand in the Northeast and mid-Atlantic could boost local gas demand and improve margins."
1As for ownership, 0.62% is held by management and insiders. 0.10% is with strategic investors. Institutions hold the largest portion at 94.77%. The rest is retail.
The company has a market cap of US$34.83 billion, 624 million shares outstanding, and trades in the 52-week range between US$43.57 and US$62.23.
Antero Resources: Appalachian Basin Producer with Data Center Exposure
Antero Resources Corp. (AR:NYSE) operates as an independent oil and natural gas company involved in the production, acquisition, development, and exploration of natural gas liquids (NGLs), natural gas, and oil properties across the Appalachian Basin in West Virginia and Ohio.
According to Yahoo Finance, Antero Resources shares picked up 4% on Wednesday amid the natural gas price surge.
The company reported proven reserves of 18.1 trillion cubic feet of natural gas equivalent and maintained production of approximately 3,483 million cubic feet of equivalent per day in 2023, with a balance of 37% liquids and 63% natural gas.
Antero has also retired more than 31.7 million shares for approximately US$1.08 billion since 2022 through its ongoing share repurchase program.
The company recently announced a US$1.1 billion acquisition of HG II Energy Midstream Holdings, LLC ("HG Midstream") from HG Energy II, LLC ("HG Energy").
The anticipated closing date of this transaction is in the second quarter of 2026. The company also reported that it had entered into a definitive agreement to divest its Ohio Utica Shale assets for US$400 million in cash, a transaction that is expected to close in the first quarter of 2026.
As for upcoming events, Antero Resources has scheduled its Fourth Quarter 2025 Earnings Call for February 12, 2026.
On January 5, Wells Fargo analyst Sam Margolin added Antero Resources to the firm's Q1 2026 Tactical Ideas list with a Buy rating and US$49 price target.
According to the firm, Antero's HG acquisition adds US$10 per share to NAV and offers strategic benefits within West Virginia's growing data center ecosystem.
According to Simply Wall St, "firms like Antero Resources could see more stable cash flows" due to LNG exports and rising power needs.
1As for ownership, 6.47% is held by management and insiders. 0.14% is with strategic investors. Institutions hold the most at 88.21%. The rest is retail.
The company has a market cap of US$10.4 billion, 308 million shares outstanding, and trades in the 52-week range between US$29.10 and US$44.02.
Kinder Morgan: Energy Infrastructure Giant with US$10 Billion Project Backlog
Kinder Morgan Inc. (KMI:NYSE) is one of the largest energy infrastructure companies in North America, operating approximately 78,000 miles of pipelines and 136 terminals.
The company transports approximately 40% of all natural gas consumed or exported in the United States.
Kinder Morgan recently reported better-than-expected fourth-quarter results on January 21, 2026, with shares rising 2.8% on record natural gas pipeline performance.
Upon the news, CEO Kim Dang stated, "Led by record-setting performance in our Natural Gas Pipelines business segment, the company delivered its highest ever fourth quarter and full-year net income attributable to KMI and Adjusted EBITDA."
The company also announced a 2% dividend increase to US$1.19 per share for 2026.
According to ETF Trends, Kinder Morgan expects to generate nearly US$8.7 billion in adjusted EBITDA for 2026, a 4% increase over 2025 guidance.
According to Simply Wall St, "The strong Q4 surprise, dividend increase and S&P upgrade have coincided with a clear shift in sentiment, with Kinder Morgan posting a 30-day share price return of 8.83% and a 90-day gain of 14.81%."
The Motley Fool noted that "Catalysts such as AI data centers and new LNG export terminals should fuel robust demand for gas in the coming years."
1As for ownership, 12.78% of the company is held by management and insiders.
68.72% is with institutions.
The rest is retail.
The company has a market cap of US$66 billion, 2.22 billion shares outstanding, and trades in the 52-week range between US$23.94 and US$31.48.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
