Wholesale gas for sale in the eastern U.S. fell in trading for the three-day period that includes the weekend as demand slipped.
“Prices on the cash side seem to take a nice drop for the weekend with low demand,” said Kevin Sweeney, director of gas buying for Austin Energy, an electric utility in Austin, Texas.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
Commercial and industrial companies typically scale back production over weekends, reducing consumption of the fuel that’s used to power factories.
Wholesale prices at the benchmark Henry Hub slid 15 cents, or 2.7 percent, to $5.38 per million British thermal units, according to Bloomberg data. They dropped 7.2 percent this week.
The hub, which is the delivery point for futures contracts, was half a cent more than futures at 1:29 p.m., the fourth straight day that the benchmark price has been higher than futures.
Gas for March delivery was down 2.5 cents, or 0.5 percent, to $5.375 per million British thermal units on the New York Mercantile Exchange.
Other production-area sites also declined. At Perryville, Louisiana, prices dropped 11 cents, or 2 percent, to $5.45. Gas fell 13 cents, or 2.5 percent, to $5.18 at the Houston ship channel, based on Bloomberg pricing.
Gas at Dracut, Massachusetts, serving the Boston area, fell 5 cents, or 0.8 percent, to $6.13 per million Btu. Dominion South, serving the mid-Atlantic region, dropped 11 cents, or 1.9 percent, to $5.76.
Bloomberg News
