NE, Appalachia Spot Gas Prices Surge Up to 58% Despite Warm Temps

It's late October, and somebody forgot to tell the weather. Forecasters say heating demand over the next 15 days will be among the lowest in 50 years, with temps in the 60s to 80s across much of the country. That should be bad news for gas prices, right? Not on Monday, at least not in our neck of the woods. Spot (cash) natural gas prices across the Northeast and Appalachia jumped big time. Transco-Leidy, a key pricing point for Marcellus gas in northeastern Pennsylvania, shot up 61 cents to $1.740 per MMBtu — a 54% one-day gain (MDN calc). Algonquin Citygate (New England) surged 71.5 cents to $2.085. Meanwhile, the NYMEX futures price fell to its lowest settlement in six months. What gives? Less gas flowing, mostly.

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