U.S. Natural Gas Prices Surge 20% Today After Record 70% Weekly Gain Amid Deadly Arctic Blast

U.S. natural gas futures skyrocketed past $6 per million British thermal units (BTUs), marking their highest levels since 2022 as a historic winter storm grips the nation. February contracts surged by 20% early Monday, following a 70% weekly gain—the largest weekly jump since data recording began in 1990. The freeze has paralyzed nearly 10% of domestic production and slashed LNG exports to their lowest in a year.

The energy crisis has hit electricity grids in the Eastern U.S. particularly hard, with "PJM Interconnection" reporting outages of nearly 21 GW, representing 16% of total demand. Analysts note that the unprecedented heating demand, coupled with the U.S. gas market’s strong link to high European prices, has created a "perfect storm" for energy inflation, leaving millions at risk of power interruptions during the record cold.