Midcontinent spot natural gas prices dropped to a national low of
$1.80/MMBtu on the IntercontinentalExchange Friday on near 80-degree weather
expected by Monday, depressing economic news and full pipelines.
The US Commerce Department reported Friday morning a 6.2% decrease in the
Gross Domestic Product for the last quarter of 2008 -- the biggest decrease
since 1982. With temperatures staying near summer levels, CenterPoint Energy
Gas Transmission East prices fell to a low of $2.10/MMBtu.
CenterPoint East had been trading at a premium to other Oklahoma
locations, but over the last two days prices there have fallen, averaging in
the mid-$2.20s/MMBtu for a loss of nearly 25 cents from Thursday.
CenterPoint South's premium of 20 cents to Natural Gas Pipeline Co. of
America's Texok zone came in to about 5 cents as CenterPoint South averaged in
the mid-$3.20s/MMBtu, down about 10 cents, while Texok gained about 5 cents.
The Carthage Hub finally posted executed deals on ICE, averaging in the
mid-$3.30s/MMBtu, up nearly 10 cents from Platts' midpoint Thursday. Only
about 13,000 Mcf traded there by mid-session on ICE, while about 55,000 Mcf
posted there in Gas Daily Thursday.
Natural's Midcontinent zone prices reached a high in the mid-$2.50s/MMBtu
by mid-session to average nearly 20 cents below that high for a loss of nearly
20 cents, while Panhandle Eastern Pipe Line prices came in about 5 cents below