Winter storm Uri and other smaller systems from the mid-February demand spike led to the second-largest withdrawal of natural gas from storage according to EIA’s weekly Natural Gas Storage Report. In the week ending February 19th, 338 billion cubic feet (Bcf) of natural gas was pulled from storage nearly tripling the average withdrawal in that corresponding week. Population-weighted heating degree days (HDDs) topped 254 or roughly 40% colder than normal according to data from the National Oceanic and Atmospheric Administration (NOAA). A large dip in production exacerbated the already sizeable gap in the supply/demand balance leading to massive price spikes across the country. Read more in the link below.