It’s so cold that US natural-gas prices are... falling?

It’s cold, so natural-gas prices should be rising.

But! It’s so cold that all the production units at Freeport’s liquefied-natural-gas export facility in Texas aren’t operating. That means some natural gas that would normally be sent abroad is trapped domestically within the US. And with more supply, front-month US natural-gas futures are more than 4% lower on Tuesday.

So! Natural-gas prices are falling because it’s cold.

That’s for the US, to be clear. Over in Europe, we’ve got the usual dog-bites-man story going of cold weather making energy prices go up, likely exacerbated by this source of imports going offline.

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