Arctic Plunge Pushes Natural Gas Prices Higher

Arctic Plunge Pushes Natural Gas Prices Higher

A bona fide Arctic invasion is underway for much of the country.

Temperatures have been tumbling since the start of the new year. Below is a map of forecast highs across the U.S. for Tuesday, Jan. 2.

Along with this cold snap comes the increase in demand for heating across the Midwest, Northeast and even into the Deep South. This has resulted in an uptick in the price of natural gas. Coming up from lows around $2.50 in 2017, the commodity is now back to the $3 mark. Click here to check the latest price.

With a below-normal temperature forecast for the next two weeks, the price may edge higher as we venture into the first few weeks of 2018.

NOAA Temp Outlook

While it's uncertain to what extent this cold snap will have on heating costs, it certainly bears watching. Analysts acknowledge other factors (other than the weather) that also drive the price of natural gas, such as inventory and imports/exports. One analyst pointed out that all of these factors could culminate into a buying opportunity in 2018.

For heating purposes, here's hoping the price of natural gas doesn't hit our wallet too hard come February.