The Upper Atlantic Seaboard entered a state of paralysis Thursday as blizzard conditions blanketed states stretching from Virginia to Maine, lifting regional gas demand and putting a squeeze on prices and supply.
In early trading, next-day gas prices at New York City-area hubs traded as high as $160/MMBtu, according to data from the Intercontinental Exchange.
Prices further north in New England also breached the $100 mark Thursday, with gas at the Boston-area Algonquin city-gate hub and the Upstate New York Iroquois Zone 2 hub changing hands at highs of $105/MMBtu and $125/MMBtu respectively, both record highs.
As temperatures plunged into the low-20s Fahrenheit in New York, Hartford, Providence and Boston, gas demand from residential-commercial consumers and power generators surged. At an estimated 35.7 Bcf, northeast regional demand Thursday was more than 6 Bcf above the prior 30-day average, but remained below record levels seen on January 1.
So why aren`t natural prices generally skyrocketing?
excellent question. thoughts anyone?