U.S. deep freeze prompts natural-gas rally, and uranium prices melt up

U.S. deep freeze prompts natural-gas rally, and uranium prices melt up

Winter storms in parts of the south and central U.S. have led to a surge in the need for power, rallying prices for natural gas as traders look toward a rise in nuclear power demand and consumption of uranium.

The southern Plains has been “transformed into southern Siberia due to brutally cold Arctic air that has toppled century-old records,” AccuWeather reported on Tuesday.

The spot price of wholesale electricity on the Texas power grid jumped by more than 10,000% to over $9,000 per megawatt hour late Monday morning, compared with prestorm prices of less than $50 per megawatt hour, according to a Reuters report , citing data from the Electric Reliability Council of Texas, or ERCOT.

About 36% of U.S. natural gas demand comes from the electric power sector. Prices for the fuel on the futures market rallied Tuesday , with the front-month March contract trading up nearly 15 cents, or 5%, […]

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