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Natural gas prices, supply signal expensive winter heating bills
Biden ‘took an axe to American energy’: Sen. John Barrasso
Sen. John Barrasso argued President Biden’s approach to U.S. energy is ‘astonishing.’
With tropical storm Nicholas on the horizon and the aftermath of Hurricane Ida still impacting gasoline prices, natural gas futures are hovering near a seven-year high and supplies are dwindling.
That means the U.S. could see the highest heating bills they've seen in years this fall and winter. A slow rebound in production from the hurricane, globally tight supplies, and bad energy policy could equal a natural gas nightmare before Christmas.
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UNITED STATES OIL FUND L.P.
Natural gas is one of the preferred sources of energy in this country not only for electricity and factories but mainly as a heating source for people’s homes. Over 50% of U.S. homes are heated by natural gas and even those that use electric heat pay for natural gas price increases through the backdoor as 38% of total U.S. natural gas consumption goes into providing electricity.
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Hurricane Ida not only hit 90% of natural gas output but also did major damage to key onshore staging areas and because of that, it is taking much longer to restore natural gas production than ever. Over 78% of the Gulf of Mexico's Natural gas production remains offline and there is no clear timeline as to when they can get things back to normal. The pace of recovery, in just the natural gas side of the equation, is one of the slowest recoveries in history, worse than Hurricane Katrina back in 2005.
UNITED STATES NATURAL GAS FUND LP UNIT (POST REV SPLIT)