'Bomb cyclone,' freezing temps lead to fear of spiking energy prices

FBN’s Jeff Flock reports on oil closing lower on the day and whether the ‘bomb cyclone’ winter storm that hit much of the East Coast will impact oil and natural gas prices.

The “bomb cyclone” that blasted much of the Northeast with dangerous frigid conditions is raising fears of spiking energy prices.

FOX Business’s Jeff Flock reports that the forecast suggests consumers may see higher prices at the gas pump after an increase in oil prices this week.

The aftermath of the winter storm also drove up natural gas prices. Natural gas on the spot market spiked to an all-time record Thursday as the “bomb cyclone” storm crippled much of the Northeast, FOX Business has learned.

According to energy information provider Natural Gas Intelligence (NGI), cash prices charged to electricity providers like Consolidated Edison in the Northeast exceeded $100 per million BTUs. Meanwhile, the futures market for natural gas in Chicago was trading below $3 per million BTUs.

NGI's National Spot Gas Average climbed into the double digits to the highest price ever recorded.