Natural Gas Prices Surge 60% in Two Days Amid Arctic Freeze—EQT, EXE, UNG Rally

U.S. natural gas prices surged 60% this week, including a 29% jump on Wednesday, as an Arctic cold wave blankets much of the country, driving demand for heating. Henry Hub futures posted their largest two-day gain on record, reacting to sub-freezing temperatures forecast through late January. A winter storm is expected to stretch from New Mexico to the East Coast this weekend, with wind chills dropping to -50°F in parts of the North and near zero in Texas. The National Weather Service predicts below-average temperatures across the eastern U.S. for the next 6–10 days. About half of American households rely on natural gas for heating, though retail price impacts typically lag market moves by several months. Prices have also spiked globally: up over 40% in Europe and the U.K., and rising in China due to cold-driven LNG demand. Energy stocks reacted sharply: EQT Corp. (EQT) rose 8.5%, Expand Energy (EXE) gained nearly 10%, and the U.S. Natural Gas Fund ETF (UNG) jumped 32% this week, closing Wednesday at a six-week high.