(Bloomberg) -- Natural gas prices skyrocketed in New York and Boston as bitter cold descends that will boost demand for the heating fuel.

Next-day gas deliveries into a section of the Iroquois Gas pipeline that hauls Canadian gas into New York traded at an average of $164.80 per million British thermal units, a 14-fold increase from Wednesday, according to Bloomberg data. That’s the highest since at least 2003.  

Gas at Boston’s Algonquin City Gate Hub for Friday delivery traded at an average of $58, up from $12 on the previous day. 

New York City is forecast to see bitter cold Friday with temperatures dropping to 10F (-12C), according to The Weather Channel. Bostonians are being warned to stay indoors Friday and Saturday as the wind chill makes it feel like minus 30F.

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