Over 5,000 Flights Canceled Due To Winter Storm Stella As NYC NatGas Price Soar
by Tyler Durden
Mar 13, 2017
US carriers have grounded 1,796 flights today, and 3,384 tomorrow – number which keep constantly rising – as Winter Storm Stella approaches the U.S. Northeast, according to FlightAware.com.
The weather system may dump as much as 20 inches (51 centimeters) of snow from Connecticut to Long Island, including New York City, according to the National Weather Service. A deep freeze is poised to linger in the Northeast after the storm passes, sending Boston’s low to 14 degrees Fahrenheit (minus 10 Celsius) on March 16, 17 below average, AccuWeather Inc. data show
Meanwhile, as the blizzard bears down on the Eastern Seaboard, natural gas futures rose to one-month highs on speculation that demand for the heating fuel will surge during the storm, shrinking a supply glut, Bloomberg reports.
The late-winter cold blast is giving gas bulls a break after a warm start to the season sent the market plunging to an eight-month low earlier in the year. While gas stockpiles are still above normal for this time of year, frigid conditions could erode the surplus and stave off another price collapse before the summer.
“It’s not just tomorrow’s storm, but the forecast going out to late March that should be supportive for prices,” said Bob Yawger, director of the futures division at Mizuho Securities USA in New York. “But we’re coming to the end of the season, and storage is pretty healthy.”