Natural-gas prices surge 62% amid U.S. winter storm threat, heating bills at risk

Natural-gas futures climbed 62% between January 21 and 23 as a major winter storm threatens to deplete supplies in the U.S., with February delivery NGG26 settling at $5.045/MMBtu on January 23, the highest since December 5. Utilities' pre-positioned supplies and hedging activities are buffering consumers for now, but prolonged cold could tighten inventories, potentially leading to higher heating costs. Analysts warn of a possible 350 billion-plus cubic-feet withdrawal in two weeks, which would rank among the largest storage draws ever recorded. If production slows due to "freeze-offs" in key regions, natural-gas deficits could persist into 2027, driving further price increases.