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New York natural gas prices soar on frigid weather

Source: Reuters - Tue, 31 Dec 2013 06:41 PM
Author: Reuters
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By Julia Edwards

NEW YORK, Dec 31 (Reuters) - Cold weather, which is forecast to remain over much of the northeast United States through the week, sent natural gas prices in New York to their highest level since January as homes and businesses cranked up the heat.

Private forecaster MDA said much of the central and eastern regions of the country should continue to have below-normal temperatures for the rest of the week.

Gas for Thursday delivery on the Transco pipeline at the New York citygate <E-TSCO6NY-IDX> traded as high as $25 per million British thermal units late Tuesday, the highest since January 24, averaging $15.40 for the day, nearly $10 higher than Monday.

Expected demand increases prompted owners of pipelines like Transco, which feeds into New York, to warn shippers of supply constraints in the coming days.

"Transco strongly recommends all shippers proactively balance their supply and demand requirements on a daily basis to ensure system integrity is maintained," it said in a notice to customers.

Dominion also issued a similar notice for customers in northern New York state, as did Tennessee Gas Pipe Line and Southern Natural Gas to the customers in the Southeast. (Reporting by Julia Edwards; Editing by Bob Burgdorfer)

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