Natural gas futures price jumps above $3/mmBtu mark

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.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.