Freeze Offs and Demand

Beyond heating demand, the extreme cold is expected to cause 'freeze-offs' at wellheads in the Permian and Bakken basins, cutting production just as consumption peaks. This supply-demand mismatch has triggered a violent repricing of the winter strip.

LNG Diversion

Domestic prices have risen so sharply that some LNG cargoes may be diverted or cancelled to serve the local market, although export terminals remain running at full capacity to meet European winter needs.