Winter weather pushes natural gas futures up
Wednesday, February 2, 2022
Natural gas prices increased Monday, following a winter storm that dumped 30 inches of snow in some parts of New England and ahead of another deep freeze, according to Natural Gas Intelligence.
The recent weather has ignited curtailment fears, amplified expectations for lofty storage withdrawals and sent March Nymex gas futures contract up 23.5 cents day/day to settle at $4.874. Additionally, April rose 20.2 cents to $4.675.
Monday’s gain marked the eighth day in a row for increased futures.
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.