Natural Gas Soars 75% in Three Days as Arctic Cold Grips US

US natural gas futures closed slightly higher Thursday after surging about 75% in three days, rocketing to the highest price since 2022, as frigid weather sweeps across major markets for the heating fuel and forces traders to cover bearish positions.

More than 175 million people across the country will face snow, rain, sleet and ice through the weekend as record-breaking cold across the central and eastern regions fuels the season’s largest winter storm. Low temperatures could freeze water inside pipelines, disrupting gas production and exports. Consumption is expected to rise as households crank up their heaters, potentially draining inventories.