<DrumBeat: January 2, 2008The Oil DrumDrumBeat: January 3, 2008>

151 comments on $100 Oil - Open thread

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cassini83 on January 2, 2008 - 8:15pm Permalink | Subthread | Parent | Comments top

Nate, according to Bloomberg the NYC gate spot for natural gas went up $7.47 to $16.61 per MMBtu today. That's over 81% increase in a single day! What's your source for the 5% increase?
http://www.bloomberg.com/markets/commodities/energyprices.html
I hope I'm not missing something obvious here :-)

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Nate Hagens on January 2, 2008 - 8:24pm Permalink | Subthread | Parent | Comments top

Spot prices in northeast spiked for some reason, but I didnt know they got that high? Is that right -anyone? I referred to Nymex website.

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cassini83 on January 2, 2008 - 8:36pm Permalink | Subthread | Parent | Comments top

This might explain it: http://icons.wunderground.com/data/640x480/2xus_st_anim.gif We're probably seeing a sudden spike of the demand in the midwest and to a lesser extent the northeast that can't be met by the limited supply. My plan to replace my 30 year old 60% AFUE gas furnace with a more efficient one might have to change in favor of a electric furnace or a heat pump.

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Durandal on January 3, 2008 - 11:09am Permalink | Subthread | Parent | Comments top

I love the heat pump at our house. However, in sub-freezing temperatures, the heat pump can do very little unless it's a ground loop heat pump. Under 0*C, it's using the resistance heating coils which are substantially less efficient than the heat pump. I didn't design the house I live in, but the next one I will, which will contain many south-facing windows with an overhang to prevent solar gain during the summer. (Also triple-paned to boot!)

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shargash on January 2, 2008 - 8:37pm Permalink | Subthread | Parent | Comments top

Bloomberg has natural gas (as well as oil and gold) on its front page. It showed it closing at 7.85, which I think was close to its high for the day. I hadn't heard anything about it more than doubling to $16+.

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shargash on January 2, 2008 - 8:43pm Permalink | Subthread | Parent | Comments top

I remember reading somewhere (yeah, hearsay, I know) that during the CA energy crisis a 2% shortfall in natural gas supplies resulted in a quadrupling of the spot price.

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SailDog on January 3, 2008 - 7:09am Permalink | Subthread | Parent | Comments top

Hi Nate

Bloomberg had NY city gate spot at over $18 earlier. It caught my eye for sure, but I cannot remember the exact number. They are showing $16.61 now.

I presume there is some local shortfall factor (-9C maybe?). Luckily here in Oz it is T shirts and the beach all round.

Rod

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Slatz on January 3, 2008 - 2:38pm Permalink | Subthread | Parent | Comments top

here is a link for spot prices to all of the various gas trading points

https://www.theice.com/marketdata/naNaturalGas/naIndex.jsp;

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