Northeast gas demand hits record high on Monday
Natural gas demand in the northeastern United States hit 43.1 billion cubic feet (Bcf) on Monday, according to Bentek Energy. This is the highest level in Bentek's 10-year history, and exceeded the previous high set during last year's polar vortex by 1.2 Bcf in January 2014. Low temperatures in the Northeast over the weekend and into the week also led to price spikes and pipeline constraints. Prices jumped at the Algonquin pricing point, which serves Boston-area consumers. On Friday, February 13, prices spiked to $23.51/MMBtu heading into the three-day weekend, reflecting expectations for high demand in an area that has already been hammered by several recent snowstorms. Prices at Algonquin eased slightly on Tuesday, but prices at Transco's Zone 6 delivery point into New York City jumped to $37.04/MMBtu on Tuesday and then to $38.15/MMBtu on Wednesday, its highest level this winter, likely reflecting forecasts for more cold weather to come. Bentek projects demand tomorrow could reach a record high, as forecasted low temperatures for many areas in the Northeast are in the single digits and teens. Demand is expected to fall this weekend as temperatures remain cold, but rise to more normal levels. While prices this week have spiked, the prolonged severe winter of 2013-14 led to much higher increases, with prices rising above $100/MMBtu at Transco Zone 6 and $78/MMBtu at Algonquin....MORE
| U.S. consumption - Gas Week: (2/11/15 - 2/18/15) | ||
|---|---|---|
Percent change for week compared with:
|
||
last year
|
last week
|
|
| U.S. consumption |
21.2%
|
23.1%
|
| Power |
29.3%
|
14.5%
|
| Industrial |
3.5%
|
4.4%
|
| Residential/commercial |
26.5%
|
36.5%
|
| Total demand |
21.3%
|
22.5%
|
| Source: BENTEK Energy LLC | ||
| Temperature -- heating & cooling degree days (week ending Feb 12) | ||||||||
|---|---|---|---|---|---|---|---|---|
HDD deviation from:
|
CDD deviation from:
|
|||||||
| Region |
HDD Current
|
normal
|
last year
|
CDD Current
|
normal
|
last year
|
||
| New England |
320
|
53
|
-8
|
0
|
0
|
0
|
||
| Middle Atlantic |
276
|
22
|
-50
|
0
|
0
|
0
|
||
| E N Central |
281
|
3
|
-119
|
0
|
0
|
0
|
||
| W N Central |
252
|
-32
|
-159
|
0
|
0
|
0
|
||
| South Atlantic |
164
|
-4
|
-41
|
2
|
-5
|
-5
|
||
| E S Central |
162
|
-5
|
-73
|
0
|
0
|
0
|
||
| W S Central |
81
|
-36
|
-120
|
4
|
0
|
4
|
||
| Mountain |
117
|
-93
|
-114
|
2
|
1
|
2
|
||
| Pacific |
51
|
-55
|
-51
|
0
|
0
|
0
|
||
| United States |
190
|
-18
|
-86
|
1
|
0
|
0
|
||
| Note: HDD = heating degree-day; CDD = cooling degree-day | ||||||||
