Prices were down nearly across the board Wednesday, even with a potent winter storm having occupied the Pacific Northwest/Rockies region and a new mass of arctic air from Canada bearing down on the Midwest and eventually the Northeast. However, much of the rest of the market was staying fairly moderate for late February, and the Northeast would get slightly warmer Wednesday before starting to see snow shows as the weekend got nearer.
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Northeast Plunges Again Lead Overall Price Drop
Prices fell at all points but one Friday in anticipation of at least a modest break from the arctic cold that occupied most of the East last week. Prior-day futures weakness and the extra loss of industrial load associated with a holiday weekend were additional suppressants of cash numbers. Losses ranged from a little less than a nickel to about $6.20. A gain of less than a nickel at Malin was the exception to overall softness.
Cold Snap Keeps Prices Firm; Transco Zone 6 Hits $20 Again
Just when many people thought it was safe to say goodbye to winter, frigid temperatures once again occupied a large swath of high natural gas-demand regions, putting upward pressure on cash prices in a number of areas around the United States. For a second day in a row, Transco Zone 6 NY on Tuesday saw a high of $20 while averaging more than $17.50, an increase of more than $5/MMBtu from Monday’s average. Most other Northeast points also saw gains
Spreading Cold Helps Boost All Points
All points were on the same price page Wednesday, rising by large amounts in nearly all cases as a polar air mass that had already occupied the Midwest and Plains threatened to spread its heating load influence into parts of the South and Northeast. And although the West will still be mild to warm in the desert Southwest and inland portions of the West Coast states, it has its share of weather-related demand in the Rockies, where Denver is expected to see a second straight low in the high 20s Thursday.
ExxonMobil’s E&P Chief Elected President
In a clear indication of who will eventually be tapped to assume the role now occupied by popular ExxonMobil Corp. Chairman Lee Raymond, the board of directors on Thursday elected Rex Tillerson president of the corporation effective Monday (March 1). Raymond, 65, will remain chairman and CEO the board said.
ExxonMobil’s E&P Chief Elected President
In a clear indication of who will eventually be tapped to assume the role now occupied by popular ExxonMobil Corp. Chairman Lee Raymond, the board of directors on Thursday elected Rex Tillerson president of the corporation effective Monday (March 1). Raymond, 65, will remain chairman and CEO, the board said.