by Bloomberg
|Monday, February 22, 2021
Spot natural gas price spikes were triggering truly outsized demands.
(Bloomberg) The urgent phone calls came over the holiday weekend: traders of natural gas needed more money, and fast.
Temperatures were starting to plummet across the central U.S. Prices for the heating fuel had skyrocketed 300-fold to levels nobody had thought possible. This would later prove to be the precursor of one of the worst energy crises the nation had seen, plunging millions into darkness for days amid a deadly deep freeze.
But on Saturday, traders in the relatively small and obscure world that is the physical gas market were singularly focused on one very big problem: exchanges were demanding more collateral because of the volatility. The traders had until Tuesday to come up with the cash or else they’d be forced to exit their positions and, in some cases, face potentially catastrophic losses.
Publishing date: Feb 21, 2021 • February 21, 2021 • 7 minute read •
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(Bloomberg) The urgent phone calls came over the holiday weekend: traders of natural gas needed more money, and fast.
Temperatures were starting to plummet across the central U.S. Prices for the heating fuel had skyrocketed 300-fold to levels nobody had thought possible. This would later prove to be the precursor of one of the worst energy crises the nation had seen, plunging millions into darkness for days amid a deadly deep freeze.
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Earth Cooling Dramatically
Winter storms are wreaking havoc in central and southern States. The climate news has turned catastrophic. People are angry; however, the federal government is too busy with its delusional psychosis over global warming and the COVID pandemic.
People don’t realize how bad and multifaceted the situation is. We have full-scale blackouts in Mexico, millions of Americans still in the dark with no power and heat, and the biggest outage in American oil and gas history. A loss on this scale is already generating an energy crisis, meaning each and everyone one of us will be paying more for energy.
Big Freeze Threatens Texas With Blackouts as Markets Gyrate Bloomberg 2/14/2021 Naureen S. Malik, Brian K. Sullivan and Brian Eckhouse
(Bloomberg) The arctic freeze gripping the central U.S. is raising the specter of power outages in Texas and ratcheting up pressure on energy prices already trading at unprecedented levels.
In Texas, where temperatures in Dallas are forecast to be 3 degrees Fahrenheit Monday (minus 16 Celsius), the operator of the state’s power grid warned it may need to resort to rolling blackouts as surging demand for heat strains the electrical system. While outages may occur Sunday, the risk is higher on Monday and Tuesday, when officials expect power demand in Texas to reach a record high.
The arctic freeze gripping the central U.S. is raising the specter of power outages in Texas and ratcheting up pressure on energy prices already trading at unprecedented levels.