Cold Sends Natural Gas Prices Up
Ponca City Now - January 25, 2014 9:21 am
NEW YORK (AP) – The frigid winter of 2014 is setting the price of natural gas on fire.
The price in the futures market soared to $5.18 per 1,000 cubic feet Friday, up 10 percent to the highest level in three and a half years. The price of natural gas is up 29 percent in two weeks, and is 50 percent higher than last year at this time.
Record amounts of natural gas are being burned for heat and electricity. Meanwhile, it’s so cold that drillers are struggling to produce enough to keep up with the high demand.