In this article, we will discuss the energy stocks gaining this week.
The S&P energy index posted gains of 3.11% between January 16 and January 23, outperforming the overall S&P 500, which declined 0.35% over the same period.
The surge was primarily driven by a strong rebound in natural gas prices. US natural gas futures rose by 70% over the last week, nearing a 3-year high they achieved in December 2025, as the market continued to brace for a historic winter storm. According to BloombergNEF, the freezing weather will lead to a near-record withdrawal of gas from storage for heating purposes.
The US Energy Information Administration, in its short-term energy outlook released on January 13, forecasted the Henry Hub natural gas spot price to average $3.46 per MMBtu in 2026 and $4.59 per MMBtu in 2027. The commodity averaged $3.53 per MMBtu in 2025.
Similarly, WTI crude oil futures have risen by 9% since January 7, following renewed warnings from President Trump toward Iran, which has raised concerns about potential military action that could disrupt oil flows in the Middle East. According to a US official, American warships, including an aircraft carrier and guided-missile destroyers, will arrive in the region in the coming days.
Supply concerns were further intensified by the ongoing outages in Kazakhstan, as oil output at the country’s giant Tengiz field has yet to resume after a shutdown caused by a fire earlier this week.
Our Methodology
To collect data for this article, we used several stock screeners to identify energy stocks that have surged the most between January 16 and January 23, 2026. The following are the Energy Stocks that Gained the Most This Week. The stocks are ranked according to their share price surge during this period.
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10. Cameco Corporation (NYSE:CCJ)
Share Price Gains Between Jan. 16 – Jan. 23: 6.53%
Cameco Corporation (NYSE:CCJ) is one of the largest global providers of uranium fuel, which powers the ongoing nuclear energy renaissance.
On January 15, Raymond James analyst Brian MacArthur raised the firm’s price target on Cameco Corporation (NYSE:CCJ) from C$150 to C$165, while maintaining an ‘Outperform’ rating on the shares. The revision comes as part of the analyst firm’s latest mining update. Raymond James continues to favor copper in the base metals complex, with the firm expecting growing deficits in the medium- to long-term.
As one of the largest global suppliers of nuclear fuel, Cameco Corporation (NYSE:CCJ) also received a boost from the recent jump in prices of uranium. Uranium futures surged past $88 per pound on January 23, their highest level in 18 months, as signs of stronger long-term demand spurred by fresh buying from physical funds.
9. EQT Corporation (NYSE:EQT)
Share Price Gains Between Jan. 16 – Jan. 23: 9.85%
EQT Corporation (NYSE:EQT) is a leading natural gas producer in the US with production and midstream operations focused in the Appalachian Basin.
On January 18, Jefferies analyst Lloyd Byrne raised the firm’s price target on EQT Corporation (NYSE:EQT) from $68 to $71, while maintaining a ‘Buy’ rating on the shares. The revised target, which indicates an upside of almost 28% from the current levels, comes as part of the analyst’s Q4 preview of EQT. Jefferies expects the natural gas producer to post EBITDA near the high end of guidance in its Q4 report next month.
EQT Corporation (NYSE:EQT) also received a boost from the recent surge in natural gas prices, with US natural gas futures jumping by 70% over the last week. The rise was driven by forecasts for widespread below-normal temperatures across most of the United States.
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