Severe winter weather cut U.S. natural gas production and exports, spiking prices, especially in the Northeast.

Winter Storm Fern and other severe winter weather caused a dramatic decline in U.S. Feed gas deliveries were cut by more than 30% as a result of the disruption of all LNG export facilities and natural gas production. Heating demand was driven by the cold, which resulted in record spot prices above $100/MMBtu at some regional hubs and a spike in February futures to $6.945/MMBtu. America. The Energy Information Administration is anticipated to report a storage draw of 238 billion cubic feet, but analysts caution that larger withdrawals may occur in the future. The Northeast experienced the worst regional price spikes, while mild weather and excess inventory caused price drops in western hubs.