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New England spot gas prices remain weak despite stronger demand

AlgonquinGas Transmission LLC system demand was higher than in the year-ago duringthe week ended April 12, but as pipeline utilization saw mixed comparisons to historicalaverages, New England spot prices remained deflated year on year.

During the week, flows at the Millennium Mainline segmentaveraged 1.28 Bcf/d for a utilization rate of 82.7%, below the April 2015 averageof 84.1% but higher than the prior-summer average of 81.8%. The Southeast and StonyPoint compressor stations saw utilization rates of 85.2% and 96.1%, respectively,against the summer 2015 average of 89.9% and 91.7%.

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Nominations at delivery points along the system were up2.6% year on year at an average at 2.42 Bcf/d, while were nominations at receiptpoints were down 2.2% over the same period at 2.32 Bcf/d.

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Even as demand was greater than in the previous year, spotnatural gas prices at Algon Gates remained weak. Spot prices reached an index ashigh as $4.500/MMBtu during the week, but ultimately averaged at 16.7% lower thanin the year-ago week at $3.467/MMBtu.

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Increased deliveries to gas utilities and power generatorscoincided with diminished flows to interconnected pipelines, driving mixed pipelineutilization versus historical averages during the week in review.

Together, deliveries to gas utilities and the power sectoraccounted for 57.5% of the week's overall average demand. LDC demand rose by 15.2%from the year-ago level to 949,454 Dth/d and power-sector demand climbed by 4.2%year over year to 443,078 Dth/d, as off-system demand declined by 7.4% over thesame period to 1.03 Bcf/d.

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At 714,548 Dth/d and 302,644 Dth/d, respectively, nearlyall of the week's off-system demand flowed into interconnections with andIroquois Gas Transmission System LP,with Texas Eastern posting a 19,966 Dth/d gain in deliveries from Algonquin versusthe year-ago week and Iroquois logging a 105,076 Dth/d drop year on year in Algonquingas flows. Tennessee Gas PipelineCo. saw supply from Algonquin during the report week average 9,500 Dth/d.

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LDC demand during the review week was higher year overyear nearly across the board, with only ConsolidatedEdison Co. of New York Inc. and Middleborough, Mass., notching reductions.

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Only 6,734 Dth/d of LNG supply found its way on to thesystem during the week, reflecting a significant 566.2% increase versus the prioryear, as interconnections with Tennessee Gas, Texas Eastern and met 93.4% ofthe deliveries to Algonquin. Tennessee Gas saw flows to Algonquin fall by 42,718Dth/d from the year-ago level to 1.02 Bcf/d and Texas Eastern saw deliveries toAlgonquin climb by 249,175 Dth/d year on year to 596,674 Dth/d, as Millennium Pipelinesaw Algonquin gas flows drop by 283,147 Dth/d over the same period to 539,949 Dth/d.

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Market prices and included industry data are current as ofthe time of publication and are subject to change. For more detailed market data,including power, natural gas and coal index prices, as well as forwards and futures, visit our energy commodities pages. To viewoperational statistics on interstate natural gas pipelines, go to our PipelineSummary Page. To view natural gas operational flow data for receipt ordelivery points, go to our OperationalCapacity by Point Page.