Plunging Temperatures May Lead to Higher Energy Bills
Nothing like a cold spell to boost the nation’s natural gas demand, and cost. This week’s market energy report points to rising costs for your natural gas bill. Both consumption and demand have been increasing due to the frigid weather.
Forecasts now indicate this week’s outbreak will be stronger than anticipated, with Chicago seeing sub-zero readings. In New England, spot prices more than tripled to the highest in over three years and turned the region into the world’s priciest market.
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Weekly Market Energy Report: Natural Gas Futures Rebound
Trading of January 2017 futures contracts closed Wednesday at $2.738, down nearly 40 cents from their open as the prompt month back on November 29th.
Today in February 2017’s first day as the prompt month it is up nearly 20 cents, pushing back into the $2.90s.
Several days of expensive power have brought the 30 day average up nearly 4 dollars to $27.79/MWh.
After weeks of continually setting new lows, electricity futures rebounded this week. The 12-month strip is up over a dollar from this time last week to $29.58/MWh.
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