Spotnatural gas prices were down year over year in April even as temperatures werecooler versus the year-ago period.
Duringthe month, spot prices in the northeast averaged the highest of all regions at $1.963/MMBtu,and posted both the largest gain versus the prior month and the lowestyear-over-year decline.
CoolApril temperatures drove natural gas demand, particularly in New England,helping to bolster the region's spot prices.
Accordingto the U.S. National Oceanic and Atmospheric Administration, gas home heatingcustomer-weighted heating degree days, a proxy for natural gas demand for spaceheating, were 0.9% above normal and 3.2% above last year in New England. Inthe Middle Atlantic, cooling degree days were 7.4% above the year-ago level. Ona nationwide basis, heating degree days were 7.6% below normal but 5.7% abovethe year-ago level for the month.
Alongthe Algonquin Gas TransmissionLLC system, average daily gas utility demand was 17% higher yearover year at 828,677 Dth/d during the month. Meanwhile, gas utility demandaveraged only 0.8% higher at 1.82 Bcf/d in Transcontinental Gas Pipe Line Co. LLC Zone 6 NY overthe same period.
Theboost in gas utility demand in New England cushioned the year-on-year pricedecline at hubs along TennesseeGas Pipeline Co. LLC and Algonquin relative to other demandcenters. By contrast, spot prices in Transco Zone 6 were down over 30% yearover year.
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