Natural gas prices soar as major storm with ice, sub-freezing temps crosses US, impacting 230M

Winter Storm Fern is expected to impact 230 million people from Texas to New York over the weekend, bringing sub-zero temperatures and ice. 

The resulting demand for natural gas sent prices up 63% this week, the Wall Street Journal reports. Natural gas futures prices were up to $5.27 Friday morning, the highest they’ve been since the Russian invasion of Ukraine in 2022. 

The Journal reported that the price increases will impact approximately 61 million U.S. homes that use natural gas for heat and cooking, but it will also impact another 57 million homes using electricity because a large portion of the grid is powered by natural gas.