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Reuters reports that a US cold spell is lifting domestic gas demand and forcing Permian Basin drillers to curb output through freeze-offs. European TTF gas prices rose over 6% in a week to nearly 40 euros/MWh, up 38% so far in the month.
The US, which exported over 100 million tonnes of LNG in 2025 with about two-thirds going to Europe, is central to the rally.
Freeze-offs cut US supply while cold lifts domestic demand, tightening the LNG market and lifting global gas benchmarks, which supports feed-grain and meal costs via energy and fertilizer linkages.
reuters.comRon BoussoJan 26, 2026After 13 past neutral weather events, Crude Oil (WTI) moved a median +2.3% over 5 sessions (62% higher; middle half -0.9% to +4.7%), and +6.1% over 20.
After 30 past bullish weather events, Urea moved a median +1.4% over 5 sessions (67% higher; middle half -0.3% to +1.6%), and +9.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
