Natural Gas Spot Price hits record in NY
Posted: Fri Jan 05, 2018 12:10 am
Amid blizzard conditions along the East Coast Thursday, natural gas spot price blowouts ran rampant for the second straight day, including trades as high as $175/MMBtu in New York City, according to NGI's MidDay Alert.
After spiking Wednesday ahead of forecasts calling for winter precipitation to hit the Mid-Atlantic and Northeast, points across the region surged higher Thursday. As of Thursday afternoon, Transco Zone 6 New York was averaging $140.92, a whopping $92.58 day/day increase, MidDay Alert prices showed.
Thursday's NGI's MidDay Alert showed multiple other points with near-$100 trades, including Algonquin Citygate (up $39.87 to $78.35), Iroquois Zone 2 (up $63.30 to $107.20) and Tetco M3 Delivery (up $50.06 to $94.90).
The $175 gas reported at Transco Zone 6 New York sets a new record high at the point and across North America, according to Daily GPI historical data.
The figure easily toppled Transco Zone 6 New York's previous high of $125 set during the polar vortex-influenced winter of 2013/14.
A powerful, fast-developing storm -- dubbed a "bomb cyclone" -- struck the East Coast overnight, and weather outlets were reporting blizzard conditions across the Mid-Atlantic and Northeast Thursday, including strong winds and heavy snowfall in population centers like Boston and New York. The storm was already causing power outages and disrupting travel by Thursday afternoon.
The National Weather Service (NWS) predicted the storm would "move northward into the Northeast by Thursday afternoon, while ending over the Mid-Atlantic Coast by Thursday evening. The heavy snow will continue over the Northeast overnight Thursday beginning to wane on Friday morning. The snow will taper off to light snow over parts of Northern New England by Friday evening.
After spiking Wednesday ahead of forecasts calling for winter precipitation to hit the Mid-Atlantic and Northeast, points across the region surged higher Thursday. As of Thursday afternoon, Transco Zone 6 New York was averaging $140.92, a whopping $92.58 day/day increase, MidDay Alert prices showed.
Thursday's NGI's MidDay Alert showed multiple other points with near-$100 trades, including Algonquin Citygate (up $39.87 to $78.35), Iroquois Zone 2 (up $63.30 to $107.20) and Tetco M3 Delivery (up $50.06 to $94.90).
The $175 gas reported at Transco Zone 6 New York sets a new record high at the point and across North America, according to Daily GPI historical data.
The figure easily toppled Transco Zone 6 New York's previous high of $125 set during the polar vortex-influenced winter of 2013/14.
A powerful, fast-developing storm -- dubbed a "bomb cyclone" -- struck the East Coast overnight, and weather outlets were reporting blizzard conditions across the Mid-Atlantic and Northeast Thursday, including strong winds and heavy snowfall in population centers like Boston and New York. The storm was already causing power outages and disrupting travel by Thursday afternoon.
The National Weather Service (NWS) predicted the storm would "move northward into the Northeast by Thursday afternoon, while ending over the Mid-Atlantic Coast by Thursday evening. The heavy snow will continue over the Northeast overnight Thursday beginning to wane on Friday morning. The snow will taper off to light snow over parts of Northern New England by Friday evening.