It has been a very mild winter in the Northeast—this has had a major impact on natural gas prices. I live in a high elevation area of northern CT where we normally are buried in snow this time of year.
This is the first I can ever remember not having to shovel any snow in January—or this far into February.
The natural gas situation is a fluke—and Karl’s overall analysis is valid imho.
Yes... I know it's been mild. But, just this week I was speaking with some mid-stream executives and asking about this. They said drilling activity had been shifting to areas with high gas yields. They're intentionally drilling for more gas, and expecting to be able to export it to Europe at higher prices.
Right now, our export terminals are struggling to keep up. That, and the very mild winter, is causing a local glut.
This is the first I can ever remember not having to shovel any snow in January—or this far into February.
I used 100 therms less in January than I did in 2022 - and 2022 was a mild year for around here.
That was 62% of my 2022 January usage.