Gas prices in Europe and Asia have more than tripled this year, causing manufacturers to curtail activity from Spain to Britain and sparking power crises in China.
However, the U.S. market is worried about the coming cold, particularly in New England and California - where prices for gas to be delivered this winter are far above the nationwide benchmark. In New England, buyers are expecting gas to cost more than $20 per mmBtu. U.S. gas currently being delivered to the Henry Hub terminal in Louisiana, the nation's benchmark, recently surpassed $6 for the first time since 2014. For January that price is in the same range, suggesting buyers think the country as a whole will have ample pipeline and storage access to keep fuel flowing this winter.
That reflects the region, which turns to liquefied natural gas when its pipelines become congested, will have to compete with buyers in Europe and Asia already paying a lot more for the super-cooled fuel. Prices are up in California because the state has been suffering through a long drought that has restricted its ability to generate electricity through hydropower. Solar has also been constrained by smoke cover from wildfires, analysts said.
New England imports roughly 16 billion cubic feet of LNG during the winter, equivalent to about 5% of its winter gas consumption. However, competition from Europe and Asia means those shipments will come at a dear cost.
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the gas corps would route the gas to Europe than low prices at home They are traitors as they just follow the money
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