February markets abruptly shifted from January’s mild-weather confidence to a broad risk repricing as extreme cold and infrastructure stress re-entered the forecast. Natural gas prices surged to multi-year highs, with the prompt curve lifting sharply as heating demand and deliverability constraints pushed expectations from surplus toward scarcity.
Power markets followed gas higher, particularly across PJM, NYISO, and ISO-NE, where fuel availability concerns and elevated outages reinforced winter reliability risks. Looking ahead, structural load growth, tightening reserve margins, and fuel deliverability challenges continue to support higher forward price floors and sustained volatility across U.S. gas and power markets.
