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U.S. power and natural gas prices in the Midwest and on the West Coast soared to multiyear highs as extreme cold and snow blankets much of the country, freezing oil and gas wells and causing pipeline constraints that limit the flow of gas into California. Gas output was on track to drop about 4.7 billion cubic feet per day (bcfd) over the past three days to a preliminary seven-month low of 94.3 bcfd on Thursday as freezing weather covers much of the country, causing wells to freeze in Texas, Oklahoma, North Dakota, Pennsylvania and elsewhere. That would be the biggest daily drop in output since the February freeze of 2021 when Winter Storm Uri cut gas supplies from Texas and forced the Texas electric grid operator to impose rolling power outages. One billion cubic feet is enough gas to supply about five million U.S. homes for a day. In Northern California, next-day gas prices for Thursday at the PG&E Citygate jumped to a record high of $56 per million British thermal units (mmBtu), topping the prior all-time high of $53 in December 2000, according to data from Refinitiv. Gas at the Southern California (SoCal) Border rose to $48 per […]
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