NASHVILLE, TENN. (RFD NEWS) — Severe winter weather sharply tightened U.S. energy supplies, driving a record drawdown in natural gas storage and lifting heating and power costs across much of the country.
According to the U.S. Energy Information Administration, working natural gas stocks fell 360 billion cubic feet for the week ending January 30 — the largest withdrawal ever recorded. The pull was nearly 90 percent larger than the five-year average for the same week and pushed inventories to slightly below normal seasonal levels.
Winter Storm Fern stretched from New Mexico to New England, boosting heating demand while freezing wellheads and pipelines along the Gulf Coast. Residential and commercial consumption surged nearly 29 percent above normal, while production dropped due to freeze-offs and shut-ins. The combination tightened supplies quickly.
Prices reacted immediately. The Henry Hub benchmark climbed to $9.03 per MMBtu, more than doubling week to week and running over $5 higher than a year ago.
Higher natural gas prices ripple through agriculture, affecting grain drying, irrigation energy costs, and nitrogen fertilizer production.
Farm-Level Takeaway: Cold-driven spikes in gas prices can quickly raise fertilizer and energy costs.
Tony St. James, RFD NEWS Markets Specialist
Economists are also closely watching how policy decisions in Washington could influence markets moving forward. Analysts say deferred futures for corn, soybeans, and wheat suggest markets are operating near break-even levels, not at prices that would encourage expanded production.
February 02, 2026 12:13 PM
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Winter Weather And Markets Reshape Agriculture Nationwide This Week
February 02, 2026 12:04 PM
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Falling livestock prices, combined with higher input costs, continue to squeeze farm profitability heading into 2026.
February 02, 2026 10:22 AM
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Smaller cow numbers and a declining calf crop point to prolonged tight cattle supplies, limiting near-term herd rebuilding potential.
January 30, 2026 03:42 PM
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Jim Matheson, CEO of the National Rural Electric Cooperative Association, provides new updates on winter storm impacts and the outlook for rural power reliability.
January 30, 2026 02:59 PM
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Strong rail demand and higher fuel costs raise transportation risk even as barge and export flows stabilize.
January 30, 2026 02:21 PM
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Jessi Grote from the AgriSafe Network provides winter safety guidance for rural communities still recovering from the recent winter storm.
January 30, 2026 01:42 PM
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The federal government’s status is far from the only factor moving the markets on Friday. Two critical reports released today on producer inflation and the status of the U.S. cattle herd are also top of mind.
January 30, 2026 12:51 PM
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A rapidly intensifying winter storm is expected to develop into a bomb cyclone this weekend, affecting the Southeast, southern Virginia, and potentially parts of the mid‑Atlantic and New England.
January 30, 2026 10:52 AM
