Northeast cash prices decline sharply reaching the end of injection season

摘要

Northeast natural gas prices fell sharply in trading Friday amid increased storage levels, falling demand, capacity constraints and concerns over the coronavirus pandemic. Transco Zone 6 NY fell 16 cents to settle to $1.13/MMBtu, while Iroquois Zone 2 fell 9 cents to settle to $1.42/MMBtu. Gas delivers in to New York City have declined 7% in the last 14 days compared to earlier this month, likely a result of coronavirus restrictions, according to S&P Global Platts Analytics. Restrictions are mainly impacting deliveries into the city on Iroquois, Texas Eastern and Transco pipelines. Total nominated deliveries on all three pipelines have averaged 2.98 Bcf/d the past 14 days, compared to 3.2 Bcf/d for the prior 10 days, and 3.5 Bcf/d compared to year-ago levels. Total deliveries into NYC are anticipated to remain subdued, which could add some downward pressure on gas prices. TETCO M3 prices also declined, falling 19 cents to settle to $1.14/ MMBtu for weekend flows.