U.S. based freeze-offs contributed to the lower natural gas production & higher natural gas prices.
The dry natural gas production fell by 21.0 bcf/d, declining primarily because of flow blockages, with a large portion of the decrease in natural gas production stemming from the Texas freeze.
This week's significant price increases for many natural gas hubs resulted from a freezing winter season, and the heating and power demand for natural gas. It seems like these factors, combined with a sudden decrease in natural gas production due to the pandemic, pushed the prices towards all-time highs, as reported by the Waha Hub and Chicago Citygate.
These domino effects from the supply & demand imbalance also led to solid price pressures in some less affected markets by the recent cold weather.
Sources: eia.gov