A polar blast in the central US has pushed natural gas prices at one trading hub up 24,000% from a week ago.
Supply for next-day delivery at the Oneok Gas Transportation hub in Oklahoma traded at $999 per million British thermal units for two contracts on Tuesday, according to David Hoy, a trader at Dynasty Power in Calgary. That compares with $4.19 a week earlier.
Gas at the Henry Hub in Louisiana, the benchmark for futures in New York, traded at $19 at about 11:45 a.m. in New York after earlier soaring to $30, Hoy said. Supply at the hub traded at $3.24 a week ago.
