# Record Short Bets Meet a Cold Snap: What Natural Gas Means for EQT (NYSE:EQT) and Tourmaline (TSX:TOU)

> December Henry Hub futures settled at $3.296 per MMBtu on 10 November, their strongest close in about seven weeks. Money managers hold a record number of short positions, and a colder forecast prompted a rally. US LNG feedgas averaged a record 19.3 Bcf per day in November.

- Date: 2026-11-12 · published 2026-11-12T09:10:26.252Z
- Category: weather · region US · magnitude low
- Page: https://feedsoft.ai/events/95277-record-short-bets-meet-a-cold-snap-what-natural-gas-means-for-eqt-nyse-eqt-and
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

A record short position combined with a cold forecast can drive sharp short-covering rallies in Henry Hub prices. Sustained cold would raise heating demand, while record LNG feedgas adds to domestic demand.

## Read by commodity

- NATGAS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2021-02-12 | [Record cold brings a windfall for small U.S. natural gas producers](https://feedsoft.ai/events/5581-record-cold-brings-a-windfall-for-small-u-s-natural-gas-producers.md) | -9.6% | -39.2% |
| NATGAS | 2018-01-05 | [Cold weather, higher exports result in record natural gas demand - BIC Magazine](https://feedsoft.ai/events/5980-cold-weather-higher-exports-result-in-record-natural-gas-demand-bic-magazine.md) | -14.7% | -21.4% |
| NATGAS | 2023-04-17 | [Nat-Gas Prices Surge on Cold U.S. Temps and Record LNG Exports](https://feedsoft.ai/events/36595-nat-gas-prices-surge-on-cold-u-s-temps-and-record-lng-exports.md) | +11.5% | +6.5% |
| NATGAS | 2025-01-11 | [US natural gas prices soar to two-year high on colder forecasts - Markets - Business Recorder](https://feedsoft.ai/events/26699-us-natural-gas-prices-soar-to-two-year-high-on-colder-forecasts-markets.md) | +53.7% | -14.7% |
| NATGAS | 2026-01-20 | [Natural gas prices soar as cold snap blasts across the U.S.](https://feedsoft.ai/events/6506-natural-gas-prices-soar-as-cold-snap-blasts-across-the-u-s.md) | +323.2% | -0.0% |

## Sources

- kalkine.com.au: https://kalkine.com.au/news/commodities/record-short-bets-meet-a-cold-snap-what-natural-gas-means-for-eqt-nyseeqt-and-tourmaline-tsxtou

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