"Record High U.S. Natural Gas Demand Amid Severe Cold Snap Spurs Price Surge"

Freezing temperatures in the U.S. have led to peak power demand and record natural gas consumption for heating and power generation. The severe winter storm caused disruptions in the energy sector, including the shutdown of a Gulf Coast refinery and halving of North Dakota's oil production. Despite some isolated outages, the power and gas systems have largely remained operational, avoiding a repeat of the deadly consequences seen during a similar storm in 2021. U.S. gas demand hit a record high, while gas output dropped due to freeze-offs. Spot power and gas prices in the Northeast surged, and the Electric Reliability Council of Texas managed to meet record winter demand through energy conservation efforts.