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Blizzard Triggers a 60-Fold Surge in Prices for U.S. Natural Gas

  • $175 is what you’ll pay for gas that’s less than $3 elsewhere
  • Pipeline constraints triggering cold-weather supply scramble
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Bloomberg New Energy Finance’s Shunondo Basu discusses the winter storm’s impact on natural gas distribution.(Source: Bloomberg)
Updated on

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.