Thursday, 24 January 2013 02:10
NEW YORK: US spot natural gas prices slid on Wednesday at most price points for the first time in three sessions and only the second time in eight sessions, pressured by moderating weather in the South and West that curbed heating demand.
But with extreme cold still on the horizon for the Northeast, regional gas prices in New York rose to their highest level in five years.
With cold temperatures that topped out near just 20 degrees Fahrenheit on Wednesday and the same expected for Thursday, gas for delivery Thursday on the Transco pipeline at the New York City gate was the day's only gainer, jumping more than $12 on average to $35.50 per million British thermal units.
The average price was the loftiest average for New York gas since peaking at $38 in January 2008, according to Reuters data.
High trades were pegged at $43 for next-day delivery, with other New York prices ...