Stephen Stapczynski Profile picture
Bloomberg @Business reporter covering energy & commodities in Singapore. Topics include natural gas, LNG, power, nuclear. Opinions my own ブルームバーグ通信社シンガポール支局記者

Jan 30, 2022, 7 tweets

New England is getting walloped by another snow storm, and the region is again depending on dirty oil-fired power 🇺🇸🛢️

Oil consumption has been way above normal over the last month as some generators switch from gas, which has surged in price

bloomberg.com/news/articles/…

New England power generation by source 👇

The yellow line is oil. In the last few weeks, it has often surpassed cleaner nuclear and is a hair below natgas

Oil generators were producing more than 4.2GW on Thursday, accounting for 25% of power supply. Thats the highest since 2018

Prior to the storm, the liquefied natural gas tanker Cadiz Knutsen anchored in Massachusetts Bay. New England relies on overseas LNG imports to meet heating needs

But LNG shipments are way way more expensive than pipeline gas. Like 10-times more expensive

To understand why New England has to import expensive LNG, look no further than this picture of their pipeline system

Via @DoombergT

doomberg.substack.com/p/new-england-…

Snowfall in Boston equaled the one-day record of 59.9cm set in 2003, according to AFP. While the town of Sharon recorded the highest snowfall by 8.30pm on Saturday with more than 76cm

Meanwhile, these guys just looking for an open Dunkin

In conclusion:

US natural gas prices jumped as much as 9% this morning in Asia as the blizzard increases demand for heating/power

The March-April spread, known as the widowmaker due to its volatility, surged to the highest since Dec. 1, signaling fear of a supply crunch when winter ends

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