# Winter shock links gas markets worldwide as US freeze-offs meet global LNG competition | Saxo

> Extreme cold across the northern hemisphere has driven a sharp rise in heating demand while LNG supply flexibility is limited. U.S. natural gas prices reacted strongly to freeze-off risks in southern producing states, and European buyers are competing more aggressively with Asia for LNG.

- Date: 2026-01-22 · published 2026-01-22T12:00:00.000Z
- Category: weather · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6504-winter-shock-links-gas-markets-worldwide-as-us-freeze-offs-meet-global-lng
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Urea](https://feedsoft.ai/c/UREA.md)

## Why it matters

Tight LNG balances and freeze-related output losses lift global gas benchmarks, and higher gas prices raise fertilizer and energy costs for feed producers. Natural gas and energy-linked feed input costs are likely to firm while the cold persists.

## Read by commodity

- UREA: bullish ▲
- NATGAS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2022-02-02 | [U.S. Natural Gas Skyrockets as Market Awaits Freeze-Offs \| Financial Post](https://feedsoft.ai/events/9224-u-s-natural-gas-skyrockets-as-market-awaits-freeze-offs-financial-post.md) | -16.0% | -7.5% |
| NATGAS | 2025-10-20 | [Cold Snap Ignites US Natural Gas Market, Reshaping Winter Outlook](https://feedsoft.ai/events/7792-cold-snap-ignites-us-natural-gas-market-reshaping-winter-outlook.md) | +15.3% | +41.4% |
| NATGAS | 2018-11-05 | [Natural Gas ETFs Burning Up in Anticipation of Winter Cold](https://feedsoft.ai/events/6490-natural-gas-etfs-burning-up-in-anticipation-of-winter-cold.md) | +14.0% | +33.5% |
| NATGAS | 2018-11-13 | [Henry Hub Tops $4/MMBtu as Natural Gas Markets React to Early Winter Cold, Lean Storage](https://feedsoft.ai/events/9433-henry-hub-tops-4-mmbtu-as-natural-gas-markets-react-to-early-winter-cold-lean.md) | +20.7% | +15.4% |
| NATGAS | 2026-02-02 | [Winter freeze cut US LNG output in January; imports from Trinidad helped fill gap \| Reuters](https://feedsoft.ai/events/20795-winter-freeze-cut-us-lng-output-in-january-imports-from-trinidad-helped-fill.md) | -30.8% | -46.8% |
| UREA | 2026-01-26 | [When the US freezes, the global LNG market catches a cold \| Reuters](https://feedsoft.ai/events/4404-when-the-us-freezes-the-global-lng-market-catches-a-cold-reuters.md) | +1.6% | +12.9% |
| UREA | 2026-01-24 | [Natural Gas Market in `Panic Mode' After Mild Winter Bets - Bloomberg](https://feedsoft.ai/events/4405-natural-gas-market-in-panic-mode-after-mild-winter-bets-bloomberg.md) | +1.6% | +12.9% |
| UREA | 2025-02-13 | [Recovering wind output may help cool Europe’s heated gas market](https://feedsoft.ai/events/26215-recovering-wind-output-may-help-cool-europe-s-heated-gas-market.md) | -0.1% | -4.2% |

## Sources

- home.saxo: https://www.home.saxo/en-gb/content/articles/commodities/winter-shock-links-gas-markets-worldwide-as-us-freeze-offs-meet-global-lng-competition-22012026

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.