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An Arctic blast across the US disrupted markets and set records, with natural gas prices in Oklahoma surging more than 4,000% in two days. Gas processing plants in Texas shut as liquids froze in pipes, and some Texas electricity prices topped $5,000 per megawatt-hour.
Extreme cold disrupting gas processing and oil output tightens energy supply just as heating demand peaks, supporting natural gas and crude prices and raising energy costs for feed producers.
bloomberg.comBrian K SullivanFeb 12, 2021After 221 past bullish weather events, Natural Gas moved a median +3.3% over 5 sessions (61% higher; middle half -5.2% to +14.0%), and -0.3% over 20.
After 40 past bullish weather events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% 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.
