If you’ve looked at your heating bill lately and felt a cold shiver that has nothing to do with the drafty window in the kitchen, you’re not alone. Everyone is asking what's the price of natural gas today because, frankly, the numbers on the screen and the numbers on the bill don’t always seem to be speaking the same language.
Right now, the market is weird.
As of mid-January 2026, the Henry Hub spot price—the benchmark everyone watches—is hovering around $3.10 per MMBtu. If you track this stuff, you know that’s a massive drop from where we were just a few weeks ago. In late December, we were knocking on the door of $5.00. Now? We’re sliding.
What's the Price of Natural Gas Today and Why Is It Falling?
It feels counterintuitive. It’s January. It's freezing in Des Moines and Chicago. Yet, the price is acting like it’s a balmy spring afternoon.
Basically, the "Beast from the East" might be chilling Europe, but the U.S. market is staring at a different set of problems. We have too much of the stuff. The latest EIA storage report, released on January 15, showed that while we drew down about 71 billion cubic feet (Bcf) from our reserves, we still have 3,185 Bcf sitting in the ground.
That is roughly 106 Bcf above the five-year average.
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When you have a surplus like that, it takes a massive, sustained polar vortex to scare the market into a rally. We just haven't seen it yet. Traders are "fading the weather," which is just a fancy way of saying they don't believe the cold will last long enough to burn through the mountain of gas we’ve stored up.
The Export Bottleneck No One Talks About
There’s another reason for the price dip that isn't about the weather at all. It’s technical.
A lot of our gas is meant to be cooled down and shipped overseas as Liquefied Natural Gas (LNG). But lately, things have been glitchy. Maintenance and "piping issues" at major terminals like Freeport and Cheniere’s Corpus Christi facility have slowed down how much gas we can actually export.
Think of it like a massive freeway where three lanes are closed for construction. The gas is piling up behind the orange cones, and since it can't leave the country, it stays here and keeps the domestic price low.
Global Context: A Tale of Two Markets
While the U.S. is dealing with a glut, Europe is having a mini-panic. Over on the Dutch TTF exchange, prices recently spiked past €35 per MWh (or about $420 per thousand cubic meters).
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- The French Nuclear Problem: France had to shut down reactors at the Flamanville plant due to hurricane damage, forcing them to burn more gas for electricity.
- The Russian Factor: Even in 2026, the shadow of Russian gas looms. While Europe is taking record amounts of LNG—including from Yamal—the uncertainty of the Ukraine-Russia situation still adds a "risk premium" to every therm.
- Storage Speed-Run: Europe is draining its tanks way faster than the U.S. right now.
If you’re a trader, you’re looking at this "arb" (arbitrage). You want to buy gas here at $3.10 and sell it over there for the equivalent of $12 or $13. But again, if the pipes at the export terminal are broken, you’re stuck.
Misconceptions About Your Monthly Bill
"If natural gas is only $3.10, why is my utility bill still $200?"
It's a fair question. Honestly, it's the most common frustration people have. The price you see on the news is the commodity price—the raw cost of the molecules. Your utility company usually buys gas on long-term contracts or "hedges" months in advance.
They aren't buying today's gas at today's price for today's heater. They're often passing on the costs of gas they bought last summer or autumn when prices were higher. Plus, you’re paying for the pipes, the trucks, the billing department, and the CEO’s bonus. Those costs don't go down just because the Henry Hub dipped 40 cents.
Looking Ahead: Will It Stay Cheap?
Most experts, including the folks at the EIA, think 2026 will be a "transitional" year. We expect the annual average to sit somewhere around $3.40 to $3.50.
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- Supply Growth: Production is still humming along at 108-110 Bcf/d. The Permian Basin is basically a firehose of gas that won't turn off.
- New Terminals: By the middle of this year, the Golden Pass LNG project should start up. That’s a huge "drain" that will start sucking gas out of the U.S. market and sending it to Asia and Europe.
- The 2027 Cliff: This is the part that should worry you. While gas is cheap today, analysts are forecasting a massive 33% jump in 2027. Why? Because we’re building export plants faster than we’re drilling new wells.
Actionable Insights for the Average Consumer
If you're trying to manage your energy costs while the market is in this weird slump, you have a few moves.
Check your rate type. If you live in a deregulated state (like Ohio, Pennsylvania, or Georgia), see if you’re on a "variable" or "fixed" plan. With prices low right now, locking in a 12-month fixed rate might be a smart play before the summer cooling demand kicks in.
Watch the $3.00 floor. Psychologically, $3.00 is a big deal for producers. If the price drops much below that, companies like EQT or Chesapeake might start "shutting in" wells—basically stopping production because it’s not profitable to pull it out of the ground. That usually triggers a price spike shortly after.
Don't ignore the electricity connection. Remember that a huge chunk of our electricity comes from burning natural gas. Low gas prices today usually mean lower electricity "fuel adjustment" charges on your power bill next month.
The bottom line is that what's the price of natural gas today is a story of a crowded house. We have plenty of gas, a few broken exit doors at the export docks, and a winter that hasn't quite been the monster people feared. Enjoy the $3.10 while it lasts, because the 2027 forecasts look a lot more expensive.
To stay ahead of the curve, keep an eye on the weekly EIA storage reports released every Thursday at 10:30 AM Eastern. Those numbers are the single biggest mover of the price you'll see at the end of the month. Check your local utility's "purchased gas adjustment" clause on your bill to see exactly how much of these market drops are actually being passed on to you.