FTXN - Mexico calls in after Texas halts gas exports

Crude futures already climbed above $61/bbl, but natural gas prices rose another 1.8% overnight, after Texas Governor Greg Abbott banned sales of the state's natural gas beyond its borders. Among those set to cash in on skyrocketing prices is Comstock Resources (CRK), which is ahead by 4% in premarket trade after climbing over 9% on Wednesday. More than 1M households in the Lone Start State still did not have electricity early Thursday as pipelines remained frozen, while the conditions of the roads have delayed repairs. Mexico is even pressing the U.S. to guarantee natural gas supplies after power was interrupted earlier in the week.What happened? The cold snap tested Texas's highly decentralized electricity model, where power plants don't have incentive to build reserve capacity, but are rather paid for the energy that they sell. A widespread electricity failure ensued due to freezing natural gas pipelines, as well solar and wind

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Mexico calls in after Texas halts gas exports