Natural Gas Output Already Dropping as Freeze Heads for Texas
(Bloomberg) -- Natural gas sold at the Waha hub in Texas jumped 50% after fuel supplies from Oklahoma plunged to the lowest level since last year's winter storm.
As bone-chilling temperatures grip large swathes of the country, gas flows from Oklahoma into Texas, the Midwest and Arkansas fell 22% Thursday, according to a preliminary BloombergNEF estimates. Midwest and Henry Hub spot gas both jumped 20%. Gas futures in New York also surged as the market braced for freeze-offs to hit the gas fields of West Texas.
“This is just the beginning,” said BNEF analyst Jade Patterson. Freeze-offs are likely to further constrain Midcontinent gas supplies over the next couple of days, he said.
©2022 Bloomberg L.P.
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