Natural gas futures in the United States have surged more than 50% in just two days due to a sharp drop in temperatures and increased demand for heating, Bloomberg reported. This increase is the most significant in the last 35 years for the American gas market.

An Arctic cold front has covered the eastern part of the United States and, according to forecasters, will last until the end of the week, causing subzero temperatures in a large area. The severe cold has sharply increased demand for energy resources for heating, which was the main factor in the record increase in the price of gas contracts.

At the end of last week, stock exchanges revised their forecasts for gas prices upwards. Analysts note that the cold wave and adverse weather conditions at key production sites have further pushed futures quotes up.

Cold weather in the US has also pushed up global energy prices. For example, electricity prices in Japan have risen to a three-month high, while European gas futures have risen 29% since the beginning of the month. This shows the global impact of local climatic fluctuations on energy markets.

In Texas, where key gas production facilities are located, forecasters predict snowfall, which could lead to temporary supply disruptions and reduced exports. This situation is especially important for Europe, which, after the reduction of supplies from Russia, is largely dependent on US gas supplies.

The rise in gas prices has become a serious problem for American consumers, who are already facing higher electricity and heating bills. At the same time, it is beneficial for gas producers, especially those companies that have not hedged prices through financial hedges, and has also acquired political significance for the administration of US President Donald Trump.