New York Natural Gas Falls to 3-Month Low as Delivery Drops 17%

Natural gas for next-day delivery in New York declined to the lowest price in three months as scheduled gas shipment to the region’s residential users tumbled 17 percent.

Prices at the Transco-Z6 hub, which delivers gas to the New York City region, dropped 13 percent as gas delivery to households in New York state fell to 3.01 million dekatherms (about 2.93 billion cubic feet), down from yesterday’s 3.62, Bloomberg data show.

Transco-Z6 prices declined to $4.3999 per million British thermal units on the Intercontinental Exchange, the lowest levels since Nov. 24.

Gas at the Tetco-M3 hub, which also transports gas to the New York area, slid 3.2 percent to $3.9806.

Scheduled gas shipments for residential use in the U.S. declined 11 percent to 32.6 million dekatherms, the lowest level since Nov. 16, according to the Bloomberg data.

Temperatures will be above normal in the U.S. East and Midwest through March 8, according to Commodity Weather Group LLC in Bethesda, Maryland.

The high temperature in New York may be 54 degrees Fahrenheit (12 Celsius) tomorrow, 8 degrees above normal, according to AccuWeather Inc. in State College, Pennsylvania.

Natural gas accounts for 52 percent of New York’s heating demand, according to the Energy Department.

(Source: http://www.bloomberg.com/news/2011-03-04/gas-shipments-decline-to-15-week-low-new-york-tumbles-17-.html)