Natural gas ended the week on a positive note, supported by lingering September heat, strong power-sector demand and a smaller-than-normal storage injection. Although record U.S. production and expectations for cooler weather limited the rally, tighter storage conditions and solid LNG demand provided support.

For investors seeking exposure to this backdrop, The Williams Companies (WMB Quick QuoteWMB - Free Report) , Range Resources (RRC Quick QuoteRRC - Free Report) and Expand Energy (EXE Quick QuoteEXE - Free Report) are three natural gas-focused stocks worth watching.

Natural Gas Posts 2.9% Weekly Gain

U.S. natural gas futures gained 2.9% for the week, settling at $2.912 per MMBtu. The advance was mainly supported by unusually warm September weather, which kept cooling needs and power-sector gas demand elevated well beyond the peak summer period. Strong LNG demand and lower Canadian imports also helped tighten the supply-demand balance. Meanwhile, a smaller-than-normal storage injection added support by reducing the inventory surplus over historical levels. However, gains remained somewhat restrained by record U.S. natural gas production and expectations that temperatures will moderate as September progresses. Even so, the weekly increase showed that persistent late-season heat and stronger demand can continue providing near-term support to natural gas prices despite abundant domestic supply. 

Smaller Storage Build Supports Prices

The latest EIA report provided another encouraging signal. U.S. utilities added 44 Bcf of natural gas to storage for the week ended Sept. 11, below the 49 Bcf expected by analysts and well below the five-year average injection of 74 Bcf. Inventories reached 3,298 Bcf, 118 Bcf above the five-year average but 122 Bcf below the year-ago level. Importantly, the surplus over the five-year average narrowed from 148 Bcf in the previous week, reflecting the impact of persistent late-season heat on power-sector demand.

Natural Gas Outlook Remains Encouraging

Near-term conditions offer reasons for natural gas investors to remain hopeful. September heat has extended the cooling season and restrained storage injections, while LNG demand remains an important source of support. U.S. supply also declined during the latest reporting week, with dry gas production slipping 1% and Canadian imports falling 13%. These factors could help tighten the supply-demand balance if demand remains resilient.

Still, cooler fall weather could reduce power-sector consumption and allow storage builds to strengthen before heating demand arrives. Record production also remains a restraint on prices. Yet the shrinking storage surplus, continued LNG activity and the approach of the winter heating season provide constructive elements for the market.

3 Stocks to Focus On

Against this backdrop, natural gas-focused investors may consider keeping The Williams Companies, Range Resources and Expand Energy — each carrying Zacks Rank #3 (Hold) — on their radar. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Williams Companies: Williams Companies is a natural gas infrastructure operator with businesses spanning transmission, gathering, processing, storage and related marketing. Its network is concentrated around major U.S. supply and demand centers, with Transco serving as a key pipeline corridor. The company also has large gathering positions in the Marcellus, Utica and Haynesville, which together account for most of its gathering volumes.

In the Haynesville, Williams is expanding its wellhead-to-market system, supported by gathering capacity, Gulf Coast connections and 120 Bcf of storage. Its assets are positioned to move gas toward power plants, industrial users and LNG export facilities, giving the company broad exposure to rising natural gas demand.

The Zacks Consensus Estimate for the company’s 2026 earnings per share indicates 21.4% year-over-year growth. Williams Companies’ expected EPS growth rate for three to five years is 19.6%, which compares favorably with the industry's growth rate of 12.5%.

Range Resources: Range Resources is a natural gas-focused producer centered in Pennsylvania’s Appalachian Basin, with development led by its core Marcellus acreage in southwest Pennsylvania. The company controls about 450,000 net acres there and another 70,000 in northeast Pennsylvania. Its large, contiguous position supports efficient drilling and gives RRC more than 30 years of high-quality Marcellus inventory.

Range Resources sells natural gas into several markets rather than relying on one local outlet. Roughly 30% goes to the Midwest, while about 25% each reaches the Gulf Coast and LNG/premium Gulf markets, with the balance serving local and Northeast customers. This market reach supports its long-term gas production strategy.

Range Resources beat the Zacks Consensus Estimate for earnings in each of the last four quarters. The natural gas producer has a trailing four-quarter earnings surprise of roughly 22.5%, on average. The Zacks Consensus Estimate for its 2026 earnings per share indicates a 27% year-over-year improvement.

Expand Energy: Expand Energy is North America’s largest natural gas producer, with about 2 million net acres and 2026 production near 7.5 Bcfe per day. Its operations span three main areas: Haynesville, northeast Appalachia and southwest Appalachia. These assets provide deep drilling inventory and place production close to major demand centers, while an interconnected transportation network helps move gas to higher-value markets.

The company is also building a broader natural gas platform beyond production. Its planned Twin Eagle acquisition would expand marketing, storage and firm transportation capabilities across North America. That combination is designed to connect Expand’s gas supply with power, industrial and LNG customers from coast to coast.

The Zacks Consensus Estimate for Expand Energy’s 2026 earnings per share indicates a 42.8% year-over-year improvement. The firm has a trailing four-quarter earnings surprise of roughly 7.2%, on average.