Energy prices for home heating fuels in the US have surged due to a polar vortex gripping the country, reviving market volatility after years of mild winters. Natural gas and heating oil prices have seen significant increases, driven by the cold snap and unexpectedly low supply. The extreme weather conditions, potentially the coldest January in over a decade, have caught some traders off guard.
US energy prices for home heating fuels have surged as a polar vortex has borne down on the country, reviving volatility in markets left dormant after years of mild winters. Natural gas prices have risen by 4 per cent in the past week and 14 per cent in the past month, with benchmark Henry Hub trading at $3.66 per million British thermal units on Thursday. Contracts surged as high as $4.20/mn btu on Monday.
Flynn warned the price impact could be substantial if forecasts prove accurate, noting Arctic cold over Texas shale basins could disrupt supplies just as calm weather curtailed wind generation. That could trigger a rise in natural gas prices of “over a dollar or more”, he said.
ENERGY PRICES WEATHER NATURAL GAS HEATING OIL
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