Heating your home will cost more this year

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why staying warm this winter is going to cost you.

Transcript

00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on the street today.

00:04The final quarter of 2024 got off to a rocky start following the 5.5% gain for the S&P 500 in the third quarter.

00:13Investors had several negative things to contend with on Tuesday.

00:17Military conflict is expanding in the Middle East as Iran fired missiles into Israel.

00:22Meanwhile, here at home, a massive port worker strike could cost the economy $5 billion a day.

00:29According to estimates by JPMorgan Chase.

00:32Looking ahead, private payroll numbers for September will be released on Wednesday.

00:37In other news, autumn temperatures have barely set in, but it's already time to start thinking about home heating season.

00:43Inflation-weary Americans won't be happy to hear this.

00:47It's going to cost more to heat your home this winter.

00:50Prices vary depending on heating sources.

00:53Electric heating bills are expected to jump nearly 14% to just over $1,200 this winter,

00:59according to the National Energy Assistance Directors Association.

01:03Propane users will see a 7% rise to $1,442.

01:08Natural gas bills will see a similar percentage rise to $644.

01:13If you're using a traditional oil furnace, your cost is estimated to go up by only 6% to $1,963.

01:22The main culprit for the price spike is a forecast predicting colder temperatures

01:27throughout the main home heating region of the Northeast and Midwest.

01:31These predictions, however, don't take into account any oil shocks caused by escalating military activity in the Middle East.

01:37Any disruptions to the global oil market will likely lead to even higher prices.

01:42And that's something millions of Americans can't afford.

01:47That'll do it for your daily briefing from the New York Stock Exchange.

01:50I'm Roy Giddins with the Street.

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