The price of natural gas delivered to New York City climbed to an all-time high on Tuesday as a winter snow storm brought freezing temperatures to the Northeast.
The price of natural gas delivered to
New
York City
climbed to an all-time high on Tuesday as a winter
snow storm brought freezing temperatures to the Northeast.
Natural gas for Wednesday delivery soared to $125 a million British thermal
units at Transco Zone 6, a pipeline delivery point in
New
Jersey
where
New
York City
gas prices are set, according to Intercontinental
Exchange Group Inc. The price spiked to $100/mmBtu shortly after
9:30 a.m. EST
before rising further as traders braced for more
unusually cold weather.
The sharp rise, which beats a previous record of $90/mmBtu on Jan. 6, comes as
MDA Weather Services, a Gaithersburg, Md., forecaster, projected a "second
round of intense cold" in the Midwest and Eastern U.S. over the next six
to 10 days.
The chill follows frigid temperatures earlier this month, which forced many
Americans to turn up their thermostats to burn a higher-than-normal amount of
the fuel in furnaces to heat their homes. Nearly half of all households rely on
natural gas as their primary heating source, according to the Energy
Information Administration.
The cold snap is also pushing natural-gas futures higher, as market
participants worry about tightening supplies. During the last Arctic blast,
many energy companies struggled with frozen equipment and had difficulty
getting the fuel to generators.
Natural gas for February delivery, reflecting prices nationwide, rose 9.7
cents, or 2.2%, to $4.422/mmBtu on the New York Mercantile Exchange.
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