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Mysteries of the Market: Power and Gas Prices Diverge in Vortex

February 05, 2019

Chicago was colder than the Artic. One-third of U.S. households experienced temperatures as low as 0° F. U.S. daily natural gas demand hit a new record of 148 bcf/d. You would expect natural gas and electricity prices to spike. Regional spot prices for electricity did their part. New England and New York market spot electricity prices spiked to above $100/MWh and Midwest prices reached $97/MWh. However, Henry Hub NYMEX spot natural gas prices fell by 15% compared to the prior week.