Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit
Published . Updated .
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This report is about natural gas and power and utilities.
Directly affected
- NFG National Fuel Gas-1.6% 30d
Named in this report.
Indirectly affected
- UNG United States Natural Gas Fund-17.0% 30d
United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- XLE Energy Select Sector SPDR+8.9% 30d
Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- XLU Utilities Select Sector SPDR+3.0% 30d
Utilities Select Sector SPDR: it holds power utilities. Linked by “utility” (power and utilities) in this story.
- LNG Cheniere Energy+14.1% 30d
Cheniere Energy (natural gas distribution): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
- EQT Eqt+8.8% 30d
Eqt (crude petroleum and natural gas): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
- NEE NextEra Energy+11.5% 30d
NextEra Energy (electric services): power demand and prices drive utility earnings. Linked by “utility” (power and utilities) in this story.
- KMI Kinder Morgan+5.0% 5d
Kinder Morgan (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
- WMB The Williams Companies
The Williams Companies (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| NFG | +1.98% | +1.18% | base | after close | after close | after close | after close |
| UNG | +4.28% | -0.44% | base | after close | after close | after close | after close |
| XLE | +2.64% | +4.95% | base | after close | after close | after close | after close |
| XLU | -2.14% | +0.05% | base | after close | after close | after close | after close |
| LNG | -4.34% | +6.17% | base | after close | after close | after close | after close |
| EQT | +3.64% | +2.07% | base | after close | after close | after close | after close |
| NEE | -3.87% | -0.66% | base | after close | after close | after close | after close |
| KMI | +2.07% | +2.98% | base | after close | after close | after close | after close |
| WMB | +2.46% | +2.59% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit RBN Energy
Source: RBN Energy
United States Natural Gas Fund (UNG) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| Eqt (EQT) | three days earlier | +2.07% | final price |
| Eqt (EQT) | five days earlier | +3.64% | final price |
| Kinder Morgan (KMI) | three days earlier | +2.98% | final price |
| Kinder Morgan (KMI) | five days earlier | +2.07% | final price |
| Cheniere Energy (LNG) | three days earlier | +6.17% | final price |
| Cheniere Energy (LNG) | five days earlier | -4.34% | final price |
| Nextera Energy (NEE) | three days earlier | -0.66% | final price |
| Nextera Energy (NEE) | five days earlier | -3.87% | final price |
| NFG | three days earlier | +1.18% | final price |
| NFG | five days earlier | +1.98% | final price |
| United States Natural Gas Fund (UNG) | three days earlier | -0.44% | final price |
| United States Natural Gas Fund (UNG) | five days earlier | +4.28% | final price |
| Williams Companies (WMB) | three days earlier | +2.59% | final price |
| Williams Companies (WMB) | five days earlier | +2.46% | final price |
| Select Sector Spdr Tr (XLE) | three days earlier | +4.95% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | +2.64% | final price |
| Select Sector Spdr Tr (XLU) | three days earlier | +0.05% | final price |
| Select Sector Spdr Tr (XLU) | five days earlier | -2.14% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Michael T. McCaul sold Eqt (EQT) (held by a spouse), worth $1,001 - $15,000 on 27 Aug 2026. That is 69 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Eqt (EQT), worth $1,001 - $15,000 on 17 Aug 2026. That is 79 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Eqt (EQT) (held by a spouse), worth $1,001 - $15,000 on 14 Aug 2026. That is 82 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Kevin Hern sold Nextera Energy (NEE) (jointly held), worth $15,001 - $50,000 on 2 Oct 2026. That is 33 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Kevin Hern sold Nextera Energy (NEE) (jointly held), worth $15,001 - $50,000 on 14 Sep 2026. That is 51 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Kevin Hern sold Nextera Energy (NEE) (jointly held), worth $1,001 - $15,000 on 2 Sep 2026. That is 63 days before publication. Filed 25 Sep 2026. View the filing.
- Sen. Alan Armstrong sold Williams Companies (WMB) (jointly held), worth $250,001 - $500,000 on 8 Sep 2026. That is 57 days before publication. Filed 22 Oct 2026. View the filing.
- Sen. Alan Armstrong bought Williams Companies (WMB) (jointly held), worth $15,001 - $50,000 on 20 Aug 2026. That is 76 days before publication. Filed 17 Sep 2026. View the filing.
- Sen. Alan Armstrong bought Williams Companies (WMB) (jointly held), worth $1,001 - $15,000 on 19 Aug 2026. That is 77 days before publication. Filed 17 Sep 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around United States Natural Gas Fund (UNG)
Companies mentioned with this story
- UNG United States Natural Gas Fund
For “Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit,” United States Natural Gas Fund (UNG) is linked, with no stored direction, medium confidence. Reason on file: United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
- XLE Select Sector Spdr Tr
Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit.” Reason on file: Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
- XLU Select Sector Spdr Tr
For “Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit,” Select Sector Spdr Tr (XLU) is linked, with no stored direction, medium confidence. Reason on file: Utilities Select Sector SPDR: it holds power utilities. Linked by “utility” (power and utilities) in this story
- LNG Cheniere Energy
In “Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit,” Cheniere Energy (LNG) is linked, with no stored direction, medium confidence. Reason on file: Cheniere Energy (natural gas distribution): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story
- EQT Eqt
Eqt (EQT) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit.” Reason on file: Eqt (crude petroleum and natural gas): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story
- NEE Nextera Energy
In “Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit,” Nextera Energy (NEE) is linked, with no stored direction, medium confidence. Reason on file: NextEra Energy (electric services): power demand and prices drive utility earnings. Linked by “utility” (power and utilities) in this story
- KMI Kinder Morgan
Kinder Morgan (KMI) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit.” Reason on file: Kinder Morgan (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story
- WMB Williams Companies
In “Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit,” Williams Companies (WMB) is linked, with no stored direction, medium confidence. Reason on file: The Williams Companies (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story
United States Natural Gas Fund (UNG)
“Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit” (4 Nov 2026) reaches United States Natural Gas Fund (UNG) through this story.
What ties United States Natural Gas Fund (UNG) to the headline is this: United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
Also listed, Select Sector Spdr Tr (XLE): Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
Price levels for United States Natural Gas Fund (UNG)
UNG traded between 8.95 and 11.43 across 20 sessions. The latest close on file is 9.01. XLE traded between 62.95 and 70.15 across 20 sessions. The latest close on file is 67.26. XLU traded between 39.05 and 42.88 across 20 sessions. The latest close on file is 42.56.
How strong the case is around United States Natural Gas Fund (UNG)
46 out of 100
“Breaking Us In Two – National Fuel Gas Becomes Last Gas Utility to De-integrate by Spinning Off Upstream Unit” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.