Natural gas prices skyrocketed Tuesday as half of the country braces for a huge winter storm projected to hit this weekend.
The National Weather Service forecast a mix of winter weather that will bring “hazardous” cold, freezing rain and heavy snow starting Friday into next week for a huge section of the U.S., according to the National Weather Service.
The price of natural gas, which is used for household heating, jumped about 25% ahead of the anticipated frigid winter storm, which is likely to have consumers cranking up the heat to stay warm.
Consumers have already been dealing with high heating costs, and one analyst said the upcoming storm won’t help matters.
“The severe cold will manifest itself in very expensive natural gas bills arriving in February,” Tom Kloza, an oil analyst, said in an email.
A report from the National Energy Assistance Directors’ Association last month projected that the average household could expect to pay more to heat its home this winter, spending nearly $1,000 from mid-November to March.
Consumers are already grappling with affordability concerns surrounding housing costs and grocery bills, among other costs, and amid a weakened labor market.
President Donald Trump vowed to slash energy and electricity prices in half during his most recent presidential campaign.
The U.S. Energy Information Administration said it expected the cost of natural gas to decrease in 2026 but rise in 2027, according to its Short-Term Energy Outlook released Jan. 13, saying that “growth in demand—led by expanding liquefied natural gas exports and more natural gas consumption in the electric power sector—will outpace production growth.”
It’s not just households that have to worry about energy prices. Kloza said the price of natural gas can push some businesses to turn to other forms of energy when costs and availability force their hand.
“Soaring natural gas prices and a lack of availability can have pretty drastic impacts on diesel, heating oil, kerosene and other liquid fuels,” he said.
