The futures price for February delivery of natural gas has hit $3.23/mmBtu, according to figures published Jan. 15 by the Energy Information Administration (EIA).
That’s nearly a 10% increase (9.9%) over futures price for the prior day. The previous day’s price had been only $2.71/mmBtu.
The natural gas futures price had been lingering below $3/mmBtu so far in the New Year. EIA tracks the New York Mercantile Exchange (NYMEX) futures price.
Meanwhile spot power prices in New England were again flirting with $100/MWh on Jan. 15 with EIA posting a price of $99.74/MWh. EIA data also shows a spark spread, which estimates the profitability of gas-fired units, at $28.13/MWh.
New England is working its way out of a cold snap with temperatures finally expected to exceed freezing on Sunday, Jan. 18.