700 Billion Vanished in a Day: U.S. Natural Gas Stocks Plummet

Comstock Resources Inc. (CRK) closed down 8.78% at $22.51 on the NYSE, shaving approximately $530 million (₩700 billion) off its market capitalization. Its value now stands at around $6.6 billion (₩9 trillion), reflecting a pause in its recent strong stock momentum.

In the third quarter of 2025, the company reported adjusted earnings per share of $0.09, surpassing market expectations, and revenue of $450 million—a substantial year-over-year increase. During the quarter, Comstock strengthened its financial position by selling non-core oil fields and executing a $430 million sale of its Shelby Trough assets in Texas, boosting liquidity to over $900 million.

Over the past 12 months, Comstock’s relative strength (RS) rating has exceeded 80, underscoring its status as a technical momentum play. However, some analysts caution that after a swift advance, the shares may enter a corrective phase. Comstock Resources specializes in natural gas development in the West Haynesville Shale region of Texas and Louisiana. Dallas Cowboys owner Jerry Jones has invested over $1 billion to secure a majority stake and has called the West Haynesville reserves his “biggest investment opportunity.”