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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