Insight
Will the extreme cold in the US heat up the global gas market?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
North America gas markets endured a wild week – freezing weather through the middle part of the country simultaneously took out over 20% of gas production and added 20% more demand, sending regional day ahead gas prices on a wild ride with peaks in triple or even quadruple digits. Facing gas and power shortages across Texas, feedgas into LNG and ultimately LNG exports were curtailed from pre-storm levels. But with a warmer new week and the domestic market on a path toward normal, the weather event is proving to be relatively short-lived. Signs are pointing toward recovering LNG exports, but making up lost volumes will take some time. Will the extreme cold that has shocked US LNG supply provide a shock to the global market as volumes do not arrive as planned next month?
Table of contents
- US gas supply falls short on production freeze offs
- while heating demand peaked, causing extreme short-term price spikes
- What does this mean for US LNG exports?
- Small volumes and shoulder month timing limit impact to global gas prices
Tables and charts
This report includes the following images and tables:
-
US production freeze off at record levels, but decline with milder weather and power restorationColder weather increases domestic demand but set for steep fall offFeedgas to US LNG facilities falls but quickly starts to reboundLost cargoes have minimal impact on end of season levels for European gas storage
What's included
This report contains:
Other reports you may be interested in
Insight
Global Upstream Update: July 2026
Key themes: conflict curtailed supply; unlocking discovered resource; old basins and new tricks
$1,350
Insight
Energy Pulse: How the US power system coped with the threat from Winter Storm Fern
Strong performances from gas and coal-fired generation prevented blackouts for most American consumers, despite record cold in some areas
$3,000
