In the United States, spot prices for natural gas and electricity rose in the eastern third of the country.
The price increase reflects forecasts for the winter storm that has been affecting America since January 28.
Rising gas prices
In the United States, spot gas prices in the Northeast rose dramatically on January 28.
The New England benchmark spot gas price reached $27.95/MMBtu, up $4.40.
In Massachusetts, preliminary settlement prices for Iroquois Zone and Dracut exceeded $30/MMBtu.
Meanwhile, gas benchmarks in the East recorded substantial increases.
Cash Eastern Gas, South reached $5.03/MMBtu, gaining 78 cents.
This is its highest price since November 2021.
Finally, gas benchmarks in the Southeast sometimes saw increases in excess of $1/MMBtu.
The Henry Hub spot price reached $5.63/MMBtu, an increase of $1.18.
Florida Gas Zone 3 rose by $1.255 to $5.905/MMBtu.
US gas production in January was lower than in the previous month.
So far, the average of 92.3Bcf/d is down on December’s average of 95.1Bcf/d.
Electricity prices at a peak.
Electricity prices in the eastern third of the USA also rose on January 28.
Low temperatures triggered consumption peaks.
For the weekend, on the Intercontinental Exchange, the Mass Hub peak contract traded at around $199/MWh, a gain of $35.
In New York, off-peak contracts rose by more than $20.
Zone G Hudson Valley reached $156.50/MWh and Zone J NYC $157.75/MWh.
In January, electricity prices tripled compared to 2021 due to weather forecasts.
Electricity prices in the PJM interconnection saw double-digit increases, also due to weather.
In January 2021 for ISO New England, the monthly peak for the month was 18,939 MW compared with 18,097 in January 2020.
In January 2004, it reached a record 22,818 MW.
For NYISO the all-time high was 25,738 MW in January 2014.
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