May 2014 – North American Natural Gas Spot Price Analysis with ZEMA


ICE Gas North American Spot Prices (May 2014)

On the Intercontinental Exchange (ICE), natural gas prices fluctuated as spring settled in. After the harsh winter in 2014, during which prices skyrocketed (especially in the Eastern United States) the market returned to its usual seasonal cycle this May. However, the drop in New York’s Transco Zone-6 prices was significant when comparing prices in all four observed North American markets in May 2014 to prices in April 2014. On ICE, monthly average gas prices fell in New York’s Transco Zone-6 by 15% to $3.7 USD/MMBtu, in Chicago Citygates by 80% to $4.8 USD/MMBtu, and in both Henry Hub and California’s PG&E Citygate by 1% to $4.6 USD/MMBtu and $5.1 USD/MMBtu, respectively.

For the week ending May 28, 2014, EIA’s “Natural Gas Weekly Update” reported that Northeast prices reached 20-month lows.[1] At Transcontinental Pipeline’s Zone 6 trading point for New York City delivery, prices reached their lowest levels since September 2012.

According to the EIA’s report, increased production drives supply gains, and dry gas production averaged 68.0 Bcf/d, 4.6% greater than the same time last year.[2]Total demand declined 1% in the final week of May 2014 when compared to the previous week, as residential and commercial consumption declined by 20.6%.[3]



[1] “Natural Gas Weekly Update—Week Ending May 28, 2014,” U.S. Energy Information Administration, May 29, 2014, Accessed June 3, 2014, http://www.eia.gov/naturalgas/weekly/.

[2] Ibid.

[3] Ibid.

Data Sources: ICE


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