• ERCOT restores power to most of Texas
  • Gas impacts still prevalent
  • Storage overhang still intact as EIA data disappoints

Despite the lack of clarity on the long-term impacts from this week’s Arctic storm, news that power had been restored to most Texas residents on Thursday and warmer weather seen moving into the Lower 48 by next week sent natural gas futures prices crumbling.

storage Feb. 12

A huge bearish miss in the latest government storage data sealed the drop, with the March Nymex futures contract tumbling 13.7 cents to settle the day at $3.082.

A dramatic fall also occurred in the spot gas markets, where Oklahoma next-day gas plunged back to the single-digits after surging well into the thousands on Wednesday. Texas prices also fell hard, helping to send NGI’s Spot Gas National...