Congratulations to everyone who lives in the Northeast. You’ve survived a ridiculously cold week, and the good news is temperatures could be around 10 degrees above average on Tuesday.
Congrats also to everyone involved in energy markets in the Northeast this week, because it was exhausting. We started this roller coaster ride a while ago, and just recently we had mild weather that lulled everyone into a sense of security, including me (remember the spot price for Transcontinental Gas Pipe Line zone 6-New York was down at $3.91/MMBtu on January 14?). And then the long holiday weekend and colder weather sent cash at Transco zone 6-New York upward, peaking out at $36.48 yesterday, the highest price since January 2, 2008, according to Platts data. It totally blew up my theory that New England gas would continue being the most volatile in the Northeast this winter. It also meant this morning was total chaos.
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