US natural gas prices jump as Arctic blast hits hard
Natural gas prices in the US have surged, with near-term prices around $3.50 per million BTUs and multi-day gains of roughly 50-60%, after a chilly Arctic blast swept across the country.
Temps have dropped at least 8°F below normal, with dangerous wind chills in parts of Minnesota.
Why the spike?
With so many people cranking up the heat at home and work, demand for natural gas has soared—pushing prices roughly 50-60% higher in recent days.
Even though production is strong, markets are feeling tight as cold weather is expected to persist in the near term.
What's next?
If the deep freeze messes with infrastructure, daily production could take a big hit—up to 10 billion cubic feet lost each day.
More than 150 million people across 24 states are feeling the chill right now, and prices may stay unpredictable depending on how long this Arctic snap lasts.