Panarin received a minor for hooking and another for high sticking Oliver Ekman-Larsson with 2:53 left in the third period. Clayton Keller hit the crossbar with 2:18 remaining and Raanta was pulled for a 6-on-4 with 1:12 to go.
"The first part of that power play we were a little bit sluggish, but at the end, when we got set up, we had some Grade A chances," Coyotes left wing Max Domi said. "Keller hit the crossbar there. That could have easily gone in."
The Coyotes were 0-for-4 on the power play.
"I thought, for the most part, honestly, we outplayed them," Domi said. "It would have been nice if we got a couple of goals on the power play."
The Blue Jackets have killed 34 of the past 36 shorthanded situations.
"It's offset some of our problems," Blue Jackets coach John Tortorella said. "It's been that good as our power play has struggled. You hope it kind of evens the ledger out. Hopefully we can get them both going at the same time."
Cam Atkinson, the Blue Jackets' leading scorer the past two seasons, was a healthy scratch for the first time this season.