exploding energy prices in the USA..unbelievable U.S. natural gas prices hit record highs last week after the temperature in many parts of the country fell far below forecasts.
In Oklahoma, gas traded at as much as $600 per million British thermal units during the long weekend, pushed up by freezing temperatures across much of the central and western U.S., Bloomberg reported, citing traders who wished to remain unnamed.
In southern California, natural gas traded at $195 per mmBtu as a result of the weather.
Wholesale electricity prices were also soaring sky-high, reaching between $3,000 and $7,000 per megawatt-hour on Sunday. In Texas, wholesale electricity prices hit $7,000 that day. This compares to an average of $25 per MWh on the state’s grid, the Financial Times reports.