US natural gas futures surged more than 17% on Monday, climbing above $6 per MMBtu for the first time since December 2022, as a historic winter storm swept across America, disrupting supply and sharply boosting heating demand. The severe weather knocked offline nearly 10% of US natural gas production just as consumption for residential heating and power generation spiked. Electricity demand is expected to reach winter record levels due to the frigid conditions, prompting US power grid operators to urge generators to secure adequate natural gas supplies through the week. As a result, gas flows to US liquefied natural gas export facilities have fallen to their lowest level in a year. Monday’s rally extended last week’s dramatic gains, with US natural gas prices jumping about 70% over the week, marking the largest weekly increase in over three decades.

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