For the third week in a row energy prices closed relatively flat. For this seven-day report period, the average 12-month price for natural gas on the New York Mercantile Exchange (NYMEX) rose less than 1% closing at $0.396/therm while the 12-month average price for peak power on the PJM rose less than 1% .
Although the Fall Equinox hit the northern hemisphere this past Monday, Sept. 22,2014, energy prices did not fall this week. Prices are trading in a tight range because everyone is trying to determine if we will experience a brutally cold winter like last year.
The Fall Equinox brought us 12 hours of darkness and 12 hours of daylight. However, starting now, temperatures will begin to drop as the days get shorter and the nights get longer. Beware, winter is on the way. The Farmer's Almanac predicts that temperatures in our area will be much colder than normal this winter.
All eyes are on the weather forecasts. Last winter, the polar vortex hit and both natural gas and electricity prices rose 26% from Nov. 1,2013 to March 2, 2014. If you want to protect your budget from the price spikes that come with a cold winter, this is a good time to look at your renewal strategy.