Be ready for a 30% hike in your winter heating bills if you use natural gas.
U.S. consumers will face sharp increases in energy costs this winter no matter what type of fuel they use to heat their homes, according to a report from the Energy Information Administration released Wednesday.
Natural-gas futures have more than doubled so far this year, with an energy shortage in Europe and Asia contributing to tight supplies for the fuel. On the New York Mercantile Exchange, November natural gas NGX21, +2.06% settled at $5.505 per million British thermal units on Tuesday, with front-month contract prices down more than 6% for this month, but up nearly 117% year to date, according to Dow Jones Market Data.
For the week ended Oct. 1, U.S. working natural-gas supplies in storage stood at 3.288 trillion cubic feet, down 532 billion cubic feet from a year ago and 176 billion cubic feet below the five-year average, according to a weekly EIA report issued Thursday of last week. The EIA will provide a weekly update on those supply figures on Thursday morning.
Households that primarily use electricity to heat their homes will spend an average $1,268 this winter on electricity bills, up 6% from last winter, the EIA said, adding that nearly two-thirds of homes in the South heat primarily with electricity.
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