Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads
Published . Updated .
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This report is about natural gas and pipelines.
Directly affected
- No company is named in this report.
Indirectly affected
- UNG United States Natural Gas Fund-16.0% 30d
United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- XLE Energy Select Sector SPDR+6.9% 30d
Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- AMLP Alerian MLP ETF-1.7% 30d
Alerian MLP ETF: it holds pipeline operators. Linked by “pipeline” (pipelines) in this story.
- KMI Kinder Morgan+5.0% 5d
Kinder Morgan (natural gas transmission): pipeline operators earn fees on the oil and gas they move. Linked by “pipeline” (pipelines) in this story.
- LNG Cheniere Energy+13.7% 30d
Cheniere Energy (natural gas distribution): 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): pipeline operators earn fees on the oil and gas they move. Linked by “pipeline” (pipelines) in this story.
- EQT Eqt+7.6% 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.
- ET Energy Transfer-1.9% 30d
Energy Transfer (natural gas transmission): pipeline operators earn fees on the oil and gas they move. Linked by “pipeline” (pipelines) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| UNG | +4.28% | -0.44% | base | +1.70% | after close | after close | after close |
| XLE | +2.64% | +4.95% | base | -4.79% | after close | after close | after close |
| AMLPNo price data for this ticker | — | — | — | — | — | — | — |
| KMI | +2.07% | +2.98% | base | -4.13% | after close | after close | after close |
| LNG | -4.34% | +6.17% | base | -6.16% | after close | after close | after close |
| WMB | +2.46% | +2.59% | base | -6.36% | after close | after close | after close |
| EQT | +3.64% | +2.07% | base | -3.18% | after close | after close | after close |
| ET | +3.01% | +4.05% | base | -2.64% | 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.
Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads Natural Gas Intelligence
Source: Natural Gas Intelligence
Price since this story was published: United States Natural Gas Fund (UNG)
| Company | When | Move | Status |
|---|---|---|---|
| Eqt (EQT) | that day | -3.18% | final price |
| Eqt (EQT) | three days earlier | +2.07% | final price |
| Eqt (EQT) | five days earlier | +3.64% | final price |
| Energy Transfer (ET) | that day | -2.64% | final price |
| Energy Transfer (ET) | three days earlier | +4.05% | final price |
| Energy Transfer (ET) | five days earlier | +3.01% | final price |
| Kinder Morgan (KMI) | that day | -4.13% | 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) | that day | -6.16% | final price |
| Cheniere Energy (LNG) | three days earlier | +6.17% | final price |
| Cheniere Energy (LNG) | five days earlier | -4.34% | final price |
| United States Natural Gas Fund (UNG) | that day | +1.70% | 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) | that day | -6.36% | 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) | that day | -4.79% | 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 |
Trades by members of Congress and officials in the stocks in this story
- 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.
- 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.
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
In “Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads,” 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 “Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads.” Reason on file: Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
- AMLP Alps Etf Tr
Alps Etf Tr (AMLP) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads.” Reason on file: Alerian MLP ETF: it holds pipeline operators. Linked by “pipeline” (pipelines) in this story
- KMI Kinder Morgan
Kinder Morgan (KMI) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads.” Reason on file: Kinder Morgan (natural gas transmission): pipeline operators earn fees on the oil and gas they move. Linked by “pipeline” (pipelines) in this story
- LNG Cheniere Energy
In “Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads,” 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
- WMB Williams Companies
Williams Companies (WMB) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads.” Reason on file: The Williams Companies (natural gas transmission): pipeline operators earn fees on the oil and gas they move. Linked by “pipeline” (pipelines) in this story
- EQT Eqt
Eqt (EQT) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads.” 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
- ET Energy Transfer
In “Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads,” Energy Transfer (ET) is linked, with no stored direction, medium confidence. Reason on file: Energy Transfer (natural gas transmission): pipeline operators earn fees on the oil and gas they move. Linked by “pipeline” (pipelines) in this story
United States Natural Gas Fund (UNG) and the energy link
The 4 Nov 2026 story “Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads” names United States Natural Gas Fund (UNG) because of Energy.
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
Select Sector Spdr Tr (XLE) is here too. Its reason reads: 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)
AMLP traded between 51.55 and 54.20 across 20 sessions. The latest close on file is 52.75. UNG traded between 8.95 and 11.43 across 20 sessions. The latest close on file is 9.12. XLE traded between 63.05 and 70.15 across 20 sessions. The latest close on file is 66.70.
What the saved facts support for United States Natural Gas Fund (UNG)
46 out of 100
“Full Northern Border Pipeline Pushes Gas Into Soft Chicago Market, Blowing Out Spreads” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.