Natural gas surged to 60 times the going rate as howling blizzard conditions stoked demand for the furnace fuel across the U.S. Northeast.
Spot prices for the fuel used to heat homes and generate power reached a record $175 per million British thermal units in New York, according to Consolidated Edison Inc. That’s a far cry from the $2.93 that U.S. gas futures have been averaging on the New York Mercantile Exchange this winter.
Other major trading hubs in New York and New England saw prices exceed $100, according to a person familiar with those markets. Even if the rally cools later Thursday as the storm lambasting New York and Boston moves off to the north, prices in the region probably will close in the triple digits, the person said.
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Also known as price gouging.
ReplyDelete1207-Free market. You'd be surprised what people will pay when they might freeze to death.
ReplyDeleteAlso a record month for LNG exports! Sell it to China and make a mint!
we have plenty till you need it
ReplyDelete