Natural gas is the second-most-traded energy commodity after crude oil, and the only one whose price has trended structurally higher with the build-out of US LNG (liquefied natural gas) export capacity since 2016. The US benchmark is Henry Hub, a delivery point in Louisiana that settles NYMEX NG futures; European TTF (Title Transfer Facility) and Asian JKM (Japan-Korea Marker) trade at significant premiums to Henry Hub. Demand splits roughly into electric-power generation (~40%), industrial use (~30%), residential and commercial heating (~25%), and exports (~5% and growing). Supply comes mostly from US shale basins — the Marcellus (Pennsylvania) and Haynesville (Louisiana/East Texas) account for over half of US dry-gas production — plus Russia, Iran, Qatar, and Australia globally.
The most liquid US-listed direct-exposure ETF is UNG (United States Natural Gas Fund), which tracks near-month Henry Hub futures. UNL spreads exposure across 12 forward months to mitigate contango; BOIL provides 2x leverage but suffers from severe decay in volatile/sideways markets. For nat-gas equity exposure, FCG (First Trust Natural Gas) is the only US-listed ETF focused on nat-gas-weighted E&Ps. Major nat-gas producers include EQT Corp (EQT) — the largest US nat-gas producer, focused on the Marcellus — Antero Resources (AR), Range Resources (RRC), Coterra Energy (CTRA), Southwestern Energy (SWN), and Chesapeake Energy (CHK). Prices move on weather (heating-degree days in winter, cooling demand in summer), weekly EIA storage reports, LNG export volumes, and Permian-basin associated-gas growth.