Natural gas prices are skyrocketing as an Arctic blast freezes the US. (CNBC)
Prices jumped 26% to $3.91 per million BTUs on Tuesday, driven by fears that a massive winter storm moving from the Rockies to the East Coast will spike heating demand and trigger production freeze-offs.
EBW Analytics warns of “severe market dislocation,” noting that the sudden freeze caught speculators with short positions at a 14-month high, forcing a scramble to buy back gas that could drive prices even higher.