Record-high temperatures on the West Coast and typical August heat and humidity in the South and Southeast this week drove sharp gains in natural gas prices across the Lower 48 for the Aug. 17-21 week. Led by massive increases in California, NGI’s Weekly Spot Gas National Avg. jumped 20.5 cents to $2.255.

EIA Storage Report

Even before the work week got under way, rotating power outages in California on Aug. 14 and 15 sparked concerns that the persistent scorching conditions would threaten the state’s power grid. However, power conservation efforts, much-needed imports and increased wind generation helped stave off disaster for the nation’s most populous state.

Demand across the California Independent System Operator footprint fell short of setting a record, even though loads reached well...