(Bloomberg) -- A fast-moving winter storm on the East Coast is driving up demand for natural gas, and causing New York City prices to quintuple since Dec. 30.
The spot prices mark the strongest start to a new year since 2018, according to New York-based hedge fund E360 Power LLC and broker data compiled by Bloomberg.
An unusually warm December “has bred a lack of respect for cold weather,” and the dropping temperatures are causing a scramble to secure more gas supplies, said James Shrewsbury, co-founder of E360 Power. “This isn't crazy cold yet.”
Natural gas for delivery on Monday in New York City was $20 per million British thermal units in trading this afternoon, the strongest prices for the start of a year in since they soared to $138 on Jan. 4, 2018.
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