Natural Gas Futures Close At Highest Price Since 2008

by John McPhaul, The Chicago Times

October 5, 2021

CHICAGO – Natural gas futures skyrocketed Tuesday to their highest price since 2008 as restricted supplies around the world threaten consumers looking to heat their homes this winter.

According to Dow Jones Market Data, November natural gas gained 55 cents to settle at $6.312 per million British thermal units, the highest front-month contract finish since December 2008.

This confirms the coming heating crisis about to hit consumers as reported yesterday by The Chicago Times.

PREPARE TO PAY: NATURAL GAS PRICES PREDICTED TO SKYROCKET BY HUNDREDS

by Sloan T. Wilson

October 4, 2021

SPRINGFIELD, IL — According to the National Energy Assistance Directors Association, natural gas customers in Chicago and the suburbs will be forced to shell out hundreds of dollars more during the upcoming heating season.

Natural gas prices are rising across the country and around the world.  But that is only part of the reason Chicago residents’ utility bills are expected to rise by 35% to 50%.

Consumer advocates point out that roughly one-third of Chicagoans are currently not paying their gas utility bills since a change in state law in 2013 in which allowed natural gas utilities to tack on infrastructure improvement costs to consumer monthly bills.

Lower natural gas prices in recent years have helped to conceal this, but that is about to change, resulting in some very unpleasant sticker shock for those who heat with gas.

According to Crain’s, the cost of gas will rise to $938 for Chicagoans and $693 for suburban residents this heating season.