Citygates

Multi-dollar drops at Northeast citygates were conspicuous amid continuing declines at most points Friday. Heating load was dropping due to moderating weather trends in several regions; storage use continued to supplant spot gas buying and the weekend loss of industrial load was a factor.

Triple-digit gains at Northeast citygates led strong advances across the board in the cash market Monday as a siege of cold weather was established in nearly all of the U.S. and Canada and threatened to grow even more severe later in the week.

A couple of Northeast citygates averaged more than $37 Wednesday as prices rose at all points — mostly by large amounts. Traders returned from the long New Year’s weekend to find much of the U.S. and Canada enduring deep-freeze conditions that were most intense in the eastern halves of both nations and could be expected to last into Thursday.

Triple-digit spikes at Northeast citygates led advances at nearly all points in last Friday’s trading for the first two days of January. The coldest and most widespread frigid weather of the winter season so far is expected to be in place in most of the U.S. and Canada as the new year begins.

A few citygates in the Northeast, which was still feeling the effects of a “Nor’easter” storm that battered much of the East Coast over the weekend, managed to range from flat to up 20 cents Monday. They were in a distinct minority, though. Other cash points continued to move lower due to dwindling heating load and the residual impact of Friday’s 12.3-cent decline by May futures.

The trading week ended quietly Friday with Northeast citygates continuing to take long strides in retreat from the quadruple-digit heights they had seen early in the week and the rest of the cash market mixed but with bears firmly entrenched in the driver’s seat.

Northeast citygates continued to slide moderately Thursday as a slow warming trend in the region proceeded, but all other points ranged from flat to 32 cents higher. Declines about midway between a dime and 15 cents at Tennessee Zone 6 and Transco Zone 6-New York City topped the losses.

Triple-digit spikes at Northeast citygates stood out amid otherwise mixed pricing Friday that nevertheless had a major bias toward the upside. The extra Northeast strength was hardly surprising, since that region was destined to bear the brunt of a weekend return to widespread, very cold weather.

The Gulf Coast, Northeast and most Midwest citygates continued to register price increases going into the weekend. But perhaps in acknowledgement of weakness in weather fundamentals that had been in effect for several days, nearly all Midcontinent and western points were down Friday.