[carl in alaska]

Keep in mind that published commodity prices only apply to gas that has not already been sold under long-term contracts. As far as I know, the majority of natural gas used by utilites has been purchased under long-term contracts at a fixed price. Gas utilites may also be hedged in the commodity markets against rising gas prices on the remaining gas. So the remaining gas that's not in long-term contracts is going to explode in price in the commodity markets, but only part of that cost will flow through to customers.

Nonetheless, I've read that long-term contract prices are up from last year and when combined with increases in uncontracted gas, most customers should see a 30-50% increase in their heating bills. But this will not be the huge crisis that some (commodity traders?) are loudly predicting.

[RightWhale]

That's true. Some firms habitually lay in contracts several months in advance. They have lucked out this time and got a relatively good price. Some airlines locked in supplies way in advance and aren't in big trouble at the moment; other airlines didn't contract so far in advance and have gotten burnt to the point of bankruptcy. It's a tradeoff because it commits funds. Most businesses would rather not commit funds so far in advance.