Winter Storm Fern Impacts U.S., Affecting 180 Million
A major winter storm, named Winter Storm Fern, impacted significant portions of the United States.
The storm brought widespread heavy snow and ice from the Southern Rocky Mountains to New England, affecting an estimated 180 million people across 37 states.
Impacts of the Storm
- Over 822,000 customers experienced power outages nationwide.
- More than 12,500 flights were canceled on Sunday, with an additional 3,965 cancellations reported on Monday. Delta Air Lines operated a reduced schedule due to icy conditions.
- Seven deaths nationwide were linked to the extreme cold.
- Wind chills reached as low as -50 degrees Fahrenheit (-45.56 degrees Celsius) across the eastern two-thirds of the U.S., with below-normal temperatures projected into early February.
Natural Gas Market Response
U.S. natural gas prices surged above $6 per million British thermal units (MMBtu) on Monday, marking the first time since late 2022. February delivery futures traded 17.7% higher, reaching $6.21 per MMBtu and setting a new 52-week high. This represents an approximate 68% year-to-date increase for the contract. The last instance of prices exceeding $6 occurred in December 2022, driven by elevated European demand for U.S. liquefied natural gas.