Winter storm slams the U.S., causing millions in Texas to face rolling power outages

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  • CNBC Television published this video item, entitled “Winter storm slams the U.S., causing millions in Texas to face rolling power outages” – below is their description.

    Cold weather blasted parts of the U.S. and rendered millions in Texas without power amid the freeze. The weather fostered demand for fuel while simultaneously threatening to hamstring oil production in the state. More than 4.1 million people woke up without power in Texas, according to poweroutage.us., as record low temperatures brought a demand for power that the state’s electric grid cannot handle. The areas hardest hit by the outages were around Galveston and Houston. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

    Energy prices jumped Tuesday as a deep freeze in the South boosted demand for fuel and hampered production.

    More than 4 million people were without power across Texas on Tuesday morning, according to poweroutage.us, as the electric grid couldn’t keep up with heightened demand, forcing utilities to implement rolling blackouts in some cases.

    “The majority of heating needs are met via electrical baseboard or heat pumps in the southern region,” said John Kilduff, founding partner at Again Capital. “The demand for electricity over the weekend rivaled peak summer heat-wave levels.”

    Henry Hub natural gas futures jumped 4% to trade at $3.031 per million British thermal units. Gasoline futures advanced more than 3%.

    “The storm that has crippled the Midwest and Northeast was much worse than expected,” said Jeff Kilburg, CEO at KKM Financial. “Frigid temps and speculators caught short are dramatically moving futures prices higher.”

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