The U.S. chimed in New Year’s Day by creating a fresh natural gas record. And, in between combating bitter cold and contributing to shifting energy trends, the Americans reportedly consumed around 143 cubic feet of gas on January 1, 2018, surpassing a previous single-day record that was set in 2014, according to the US Energy Information Administration (EIA).
A bitter 2018 winter could imply that things would get more expensive. Similar to the polar vortex that drove prices up in 2014, natural gas for the coming February have reportedly risen more than 4% higher than the previous year (2017).
And, while natural gas is said to be the most common source of electricity in the U.S., the prices dipped in 2017 by around 21%. The reduced need for home heating fuel was attributed to a mild 2017 winter, and the summer too wasn’t hot for mass air conditioner use.
Meanwhile, the estimated U.S. natural gas demand on New Year’s Day touched 150.7 billion cubic feet. And, the weather forecasts project a below-normal temperature expectation for the coming two weeks, which is reiterated by the U.S. National Weather Service that has warned of ‘dangerously cold wind chills’. The cold spell is believed to be disrupting normal supply that may support the pricing pressure.