# Natural-gas prices have overshot as deep freeze hits the U.S., says Goldman - MarketWatch

> Goldman Sachs says natural-gas futures for February delivery jumped nearly two-thirds between Tuesday and Thursday on forecasts of more cold across half the US. Goldman views the move as an overshoot in the short term and has cut its summer 2026 Henry Hub forecast to $3.75/mmBtu from $4.50 due to production beats.

- Date: 2026-01-23 · published 2026-01-23T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/4407-natural-gas-prices-have-overshot-as-deep-freeze-hits-the-u-s-says-goldman
- Commodities: [Urea](https://feedsoft.ai/c/UREA.md)

## Why it matters

A likely overshoot and lowered summer forecast suggest energy-driven input cost spikes may ease later, though near-term volatility persists while freezing temperatures last.

## Read by commodity

- UREA: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| UREA | 2022-06-01 | [Stagnant Retail Fertilizer Prices Hover Near Record Highs](https://feedsoft.ai/events/41256-stagnant-retail-fertilizer-prices-hover-near-record-highs.md) | -7.1% | -12.0% |
| UREA | 2020-07-16 | [Season, low prices fire up urea applications, despite COVID supply risk - Grain Central](https://feedsoft.ai/events/52424-season-low-prices-fire-up-urea-applications-despite-covid-supply-risk-grain.md) | +0.5% | +21.0% |
| UREA | 2024-12-03 | [As DAP sales dip, farmers turn to more beneficial NPKS, shows data \| Agriculture - Business Standard](https://feedsoft.ai/events/27271-as-dap-sales-dip-farmers-turn-to-more-beneficial-npks-shows-data-agriculture.md) | +1.2% | +8.3% |
| UREA | 2022-09-02 | [Recovering Farm Income Jeopardized by Record Operating Expenses and Harvest Uncertainty \| Farm Bureau Intel Markets \| American Farm Bureau Federation](https://feedsoft.ai/events/39581-recovering-farm-income-jeopardized-by-record-operating-expenses-and-harvest.md) | -5.4% | -10.5% |
| UREA | 2022-09-29 | [Fertilizer Prices Remain “Considerably Higher” Than Last Year, as Hurricane Ian Could Worsen Outlook \| Farm Policy News \| Illinois](https://feedsoft.ai/events/11905-fertilizer-prices-remain-considerably-higher-than-last-year-as-hurricane-ian.md) | -4.2% | -9.1% |

## Sources

- marketwatch.com: https://www.marketwatch.com/story/natural-gas-prices-have-overshot-as-deep-freeze-hits-the-u-s-says-goldman-a76e5a82

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.