Baseload prices surged on the first day of February bidweek trading Monday as cold weather sharply shifted market balances, igniting explosive basis moves across hard-hit regions.

Line chart showing NGI’s Algonquin Citygate bidweek natural gas prices from early 2025 through January 2026, with prices falling from about $12/MMBtu in winter 2025 to near $2/MMBtu in late summer, then surging above $16/MMBtu by January 2026.

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At A Glance:

Northeast basis blows out on extreme coldWaha widens basis premiumLate winter cold spell supports prices