Illinois Plant News

Winter Storm Threatens U.S. East Coast Energy Industry

The U.S. energy industry braced for a major test to refineries and power plants as an intense winter storm roared up the Atlantic Coast, bringing heavy snowfall and high winds to a region already beset with several days of extreme cold. The storm is the product of a rapid and rare sharp drop in barometric pressure known as bombogenesis, or bomb cyclone. Heavy snow pounded the East Coast along a front stretching from Maine as far south as North Carolina early on Thursday, knocking out power, icing over roadways and closing hundreds of schools. Prices for heating oil <HO-NYH> <HO-DIFF-NYH> and natural gas in the U.S. Northeast hit their highest levels in years on the back of near-record heating demand. Benchmark U.S. heating oil futures are near the highest in almost three years.