Last week’s unprecented natural-gas expiry spike was, in part, an AI event. AI-linked data-center load raises the demand floor and concentrates stress regionally, making prices more spikey. In fragile settlement windows, already a problem, that turns small shocks into massive moves, as seen here.

Natural Gas Traders Fume After NYMEX Glitch Triggers Market Chaos https://www.bloomberg.com/news/articles/2026-02-07/natural-gas-traders-fume-after-nymex-glitch-triggers-market-chaos