US Natural Gas Prices Surge More Than 50% as Arctic Blast Sweeps Nation

US natural gas prices have surged more than 50% in just two days, driven by an intense Arctic cold wave spreading across large parts of the country and sharply boosting demand for heating fuel.

Futures are now on track for their largest weekly gain in more than 35 years, as forecasters warn that a polar air mass will plunge much of the eastern United States into dangerously low temperatures by the end of the week. The US National Weather Service has cautioned that life-threatening wind chills could trigger frostbite and hypothermia across multiple regions.

The cold snap is expected to extend beyond demand concerns, raising risks to gas production and exports. Snowfall is forecast in Texas, home to critical natural gas production infrastructure, increasing the likelihood of temporary supply disruptions and reduced export flows.

Any interruption to US output could ripple through global markets, particularly Europe, which has grown increasingly dependent on American liquefied natural gas after Russia sharply curtailed pipeline supplies following its invasion of Ukraine.

Traders are closely monitoring price spreads between US and European gas markets after the differential briefly narrowed last month, squeezing profit margins on some LNG shipments.

The surge in gas prices is adding to financial pressure on US consumers already grappling with rising energy bills, turning the issue into a growing political challenge for President Donald Trump.

While higher prices strain households, they offer relief to US gas producers—especially companies that have not locked in prices for a significant portion of their future output through hedging strategies.

Weather risks are not limited to North America. In Asia, temperatures are expected to remain below seasonal norms over the weekend, according to data from Atmospheric G2. Both traditional and artificial intelligence-driven weather models have shown increased volatility in recent weeks, struggling to accurately predict the interaction between frigid Siberian air and warmer Atlantic systems.

US meteorologists said sub-zero to near-freezing temperatures are likely to stretch from the Northern Plains on Thursday to the Mississippi and Ohio River valleys, reaching the Northeast by Sunday. Wind chills could fall as low as 50 degrees below zero Fahrenheit in parts of the Northern Plains.

By early next week, temperatures across the Southeastern US and the Gulf Coast are expected to drop into the teens and twenties, with unusually cold conditions potentially persisting across much of the eastern United States into early February.