U.S. natural gas prices have stayed surprisingly steady even as liquefied natural gas (“LNG”) prices surged across Europe and Asia. Global supply fears tied to the Middle East conflict have pushed overseas gas prices sharply higher, but domestic prices have remained near recent levels because the U.S. market is still driven largely by local supply and demand conditions.
At this stage, investors may want to keep an eye on natural gas-focused names such as Expand EnergyEXE, Antero Resources(AR) and Comstock ResourcesCRKAR, which could benefit if U.S. gas prices strengthen later in the year.
U.S. Natural Gas Market Stays Protected
Unlike crude oil, natural gas is much harder to move around the world. Gas must be cooled to extremely low temperatures to become LNG before it can be shipped overseas. That process depends on liquefaction terminals, and the United States currently does not have enough capacity to send much more gas abroad, even if international buyers are willing to pay sharply higher prices.
That infrastructure bottleneck has effectively insulated the U.S. market from the sharp increase in overseas LNG prices. Europe and Asia have seen LNG prices jump roughly 70% as buyers scramble for cargoes, but domestic natural gas prices have barely moved. U.S. consumers have avoided the large spikes seen abroad because export facilities are already operating near capacity.
Prices Drift Lower During Shoulder Season
Natural gas prices were largely steady over the past week, with only minor fluctuations. Overall, prices remain below $3 and have been little changed over the past month, as softer demand continues to weigh on the market.
The market is now entering the spring shoulder season, a period between winter heating and summer cooling demand. With mild temperatures reducing residential and commercial consumption, storage injections are expected to be the key driver until summer demand picks up.
High Storage Levels Keep Pressure on Prices
The latest weekly storage report showed a 36 billion cubic feet (Bcf) injection. That was above expectations, higher than last year's 30 Bcf build, and well above the five-year average withdrawal for the same week. Total working gas in storage now stands at 1,865 Bcf.
Inventories are now 96 Bcf above last year and 54 Bcf above the five-year average. The healthy stockpiles will continue to put pressure on prices in the near term. At the same time, stronger LNG exports and long-term demand growth could support the market later this year if production growth slows or global disruptions worsen.
Final Word
For now, the natural gas market remains stable rather than weak. Prices are holding firm despite rising global uncertainty, and that could provide a solid base if demand improves during the summer months.
Investors looking for exposure to a possible recovery in natural gas prices may want to focus on names such as Expand Energy, Antero Resources and Comstock Resources.
Expand Energy:Expand Energy has emerged as the largest natural gas producer in the United States after completing the Chesapeake-Southwestern merger. With a strong footprint in the Haynesville and Marcellus basins, the company is well-positioned to benefit from rising natural gas demand fueled by LNG exports, growing AI and data-center power needs, EV adoption and broader electrification trends.
The Zacks Consensus Estimate for Expand Energy’s 2026 earnings per share indicates a 46.4% year-over-year improvement. The firm, with a Zacks Rank #3 (Hold), has a trailing four-quarter earnings surprise of roughly 5.4%, on average. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Antero Resources:It is an independent energy producer focused on natural gas and liquids in the Appalachian Basin. Headquartered in Denver, this Zacks #3 Ranked company develops low-cost assets in the Marcellus and Utica shales, holding about 515,000 net acres. Antero Resources’ production mix is weighted toward natural gas and NGLs, with minimal oil exposure. AR is also one of the largest U.S. suppliers of natural gas and LPG to export markets.
Antero Resources is supported by its midstream affiliate, Antero Midstream, in which it owns roughly 29%. This integrated setup secures transportation and market access from Appalachia to the Gulf Coast. A low debt profile and steady drilling results provide flexibility and support long-term growth. The Zacks Consensus Estimate for Antero Resources’ 2026 earnings per share indicates 136.3% year-over-year surge.
Comstock Resources:It is an independent natural gas producer based in Frisco, TX, with operations concentrated in north Louisiana and East Texas. Comstock Resources — currently a #3 Ranked stock — is fully focused on developing the Haynesville and Bossier shales, two of the largest gas plays in the United States.
CRK holds a large acreage position across Haynesville, giving it direct exposure to Gulf Coast LNG demand growth. Its production is 100% natural gas, making it one of the most gas-levered E&Ps in the sector. The Zacks Consensus Estimate for Comstock Resources’ 2026 earnings per share indicates 42.6% year-over-year surge. The firm has a trailing four-quarter earnings surprise of roughly 56.9%, on average.
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This article originally published on Zacks Investment Research (zacks.com).
