Extreme cold in the US increases gas prices - They reached $6.2 for the first time since 2022
US natural gas prices rose above $6 on Monday for the first time since late 2022 as a major winter storm swept across the country, leaving hundreds of thousands of people without power and forcing massive flight cancellations.
Natural gas futures contracts for February delivery traded 18% higher, or 95 cents, at $6.2 per million British thermal units on Monday morning.
It is the first time the contract, which has risen by about 68% since the beginning of the year, has climbed above $6 since December 2022, when European demand for American liquefied natural gas increased sharply after Russia's full-scale invasion of Ukraine earlier this year.
More than 822,000 customers were left without power after a massive winter storm hit Sunday afternoon. The massive freeze, known as Winter Storm Fern, was forecast to bring heavy snowfall and “catastrophic ice accumulations” to the eastern U.S., affecting at least 180 million people in 37 states.
Wind chills of -45.56 degrees Celsius will continue across the eastern two-thirds of the US this week, with temperatures well below normal expected to persist until early February. The extreme cold has killed seven people across the country.
More than 12,500 flights were canceled in the US on Sunday, with another 3,965 canceled so far on Monday.
The US Department of Energy issued two emergency orders on Monday to mitigate power outages in New England and Texas, seeking to keep electrical grids stable and minimize the risk of outages.
Power outages are estimated to cost the US about $44 billion per year.
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