Why Natural Gas Prices In The US Just Jumped 70% (Energy Flux)

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Gas prices spiked over 25% in a week as cold weather and short squeezes created chaos across European and US markets in January 2026.

Ed Porter speaks with Seb Kennedy, founder of Energy Flux, about the recent gas market crisis. Kennedy explains the short squeeze mechanics in European markets, US production freeze-offs, Trump's LNG policies, Venezuela's gas flaring tragedy, and Pakistan's solar boom versus LNG commitments.

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Transmission is a Modo Energy production. Your host is Ed Porter - VP of Insights.

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage understand the market — and make the most out of their assets. Want all the latest power market news? Sign up for our free Weekly Dispatch newsletter

Chapters:

00:00 - Introduction and January 2026 gas spike

01:44 - Seb Kennedy's dual role journalist analyst

04:26 - Understanding TTF and Henry Hub hubs

05:37 - Investment fund positioning and short squeeze

09:05 - Weather patterns driving European gas demand

12:13 - Nuclear outages worsening European gas crisis

14:44 - US gas price spike explained

16:53 - Freeze-offs and US production challenges

21:13 - LNG export constraints at Freeport facility

25:20 - Trump administration's impact on LNG markets

29:20 - Panama Canal and geopolitical LNG considerations

30:47 - Venezuela's political upheaval and oil situation

32:40 - Venezuela's massive gas flaring crisis

35:20 - Pakistan's renewable boom versus LNG commitments

42:53 - Key themes to watch in 2026

44:25 - Contrarian view on import dependence