January 29, 2022

Gas Prices Explode

Timothy Birdnow

Grab your sox - and sweat shirt, and heavy pants and gloves and everything else!  The price of natural gas just shot through the roof.

U.S. natural gas future pricesskyrocketed 72% on Thursday on forecasts of colder weather. It was the sharpest one-day climb for the commodity since the contract launched in 1990, CME Group data confirmed.

The 72% surge in prices came before the expiry of the February contract for nat gas as weather forecasts now look colder. The March contract’s price rise paled compared to the February contract rise. But the 10% rise for the March contract—on any other day—would have been more noticeable.

Natural gas futures were trading below $4.50 per million British thermal units for most of the trading day, but some time after 12:45 p.m. EST, prices scrambled for the $7 mark, with the contract eventually settling at $6.265.

It's going to cost a LOT more to heat your home.

But hey! Conservation and "green" energy will see us through! That is, if you live through the winter...

Posted by: Timothy Birdnow at 12:06 PM | Comments (4) | Add Comment
Post contains 178 words, total size 1 kb.

1 AND if the wind blows enough to keep those windmills turning...

Posted by: Dana Mathewson at January 29, 2022 11:10 PM (551jX)

2 California adds insult to injury.

Two months ago customers of San Diego Gas & Electric were hit with a 28% jump in our electric bill. Yes, 28% government approved, all at one time rise, in the middle of what passes for winter here.

Now we are being told we are being moved into a CCA, some sort of cooperative power buying thing that will use "31% green energy” to replace the power provided by SDG&E. All customers will be switched unless they call a phone number to "opt out.”

All of this was due to an "Initiative” which was passed several years ago to save consumers money because it was a "cooperative” which would be a "not for profit” enterprise, and save the planet by using "green energy.”

Now it’s being put in place right after an SDG&E 28% rate increase and our rates will indeed go down, but only by 1% of the current amount. Had it been put in place two months ago rates would have gone up 27%..

Smooth, huh?

Posted by: Bill H at January 30, 2022 09:40 AM (/sW5m)

3 Yeah Dana; if the wind blows we'll be alright!

Posted by: Timothy Birdnow at January 30, 2022 10:57 AM (At6xD)

4 Why doesn't any of that surprise me Bill.

Yeah; they were just waiting for a chance to implement that.

Posted by: Timothy Birdnow at January 30, 2022 10:58 AM (At6xD)

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