Natural gas in U.S. Northeast
cash markets rose on forecasts for below-normal temperatures
across much of the region.
Prices rose at all 18 Northeast delivery points polled by
Bloomberg. At Tennessee Gas Pipeline Co.’s Zone 6 delivery point,
spread across upstate New York and New England, gas rose 98 cents,
or 20 percent, to $5.83 per million British thermal units, the
biggest single-day percentage gain this year. The regional average
was up 40 cents, or 8.6 percent, to $5.06, a 19-month high.
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“If there’s any cold in the outlook at all, I think people
are going to be buying,” said Tim Evans, senior energy analyst at
IFR Pegasus in New York.
Heating demand in the Northeast is expected to be 29 percent
above normal through Monday, according to Weather Derivatives of
Belton, Missouri.
Stockpiles of gas kept underground fell 49 billion cubic
feet, or 1.6 percent, to 3.047 trillion cubic feet in the week
ended Nov. 22, according to the U.S. Department of Energy.
Analysts polled by Bloomberg had predicted a 1.3 percent decline.
On the New York Mercantile Exchange, gas for delivery in
January rose 12 cents, or 2.9 percent, to $4.32 per million
British thermal units.
Bloomberg News
