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Canadian Gas Declines on Higher-Than-Normal U.S. Stockpiles

Dec. 16 (Bloomberg) -- Canadian natural gas fell for a second day on mild weather and above-normal U.S. stockpiles of the fuel.

Alberta gas dropped 0.7 percent. Weather Derivatives of Belton, Missouri, said heating demand across the U.S., where most of Canada’s output is consumed, will trail normal by 17 percent through Dec. 23. U.S. gas supplies fell 102 billion cubic feet last week to 3.729 trillion, 10.3 percent above the five-year average, the Energy Department said yesterday.

“For the latest four-week period withdrawals typically total 265 billion,” James Williams, an economist with WTRG Economics in London, Arkansas, said in a note to clients today. “This year net withdrawals are 114 billion.”

Alberta gas for January delivery slipped 2 cents to C$2.8875 a gigajoule ($2.64 per million British thermal units) as of 2:55 p.m. New York time, according to NGX, a Canadian Internet market.

Gas traded on the exchange is shipped to users in Canada and the U.S. and priced on TransCanada Corp.’s Alberta system. NGX Alberta gas has fallen 21 percent this year.

Gas for January delivery settled unchanged at $3.127 per million Btu on the New York Mercantile Exchange.

Spot gas at the Alliance delivery point near Chicago fell 6.48 cents, or 2.3 percent, to $3.1341 per million Btu on the Intercontinental Exchange. Alliance is an express line that can carry 1.5 billion cubic feet a day to the Midwest from western Canada.

Spot Prices

At the Kingsgate point on the border of Idaho and British Columbia, gas fell 7.53 cents, or 2.3 percent, to $3.2231, according to ICE. At Malin, Oregon, where Canadian gas is traded for California markets, gas was down 9.35 cents, or 2.7 percent, to $3.3699 per million Btu.

Volume on TransCanada’s Alberta system, which collects the output of most of the nation’s gas wells, was 16.8 billion cubic feet, 87 million below its target.

Gas was flowing at a daily rate of 2.64 billion cubic feet at Empress, Alberta, where the fuel is transferred to TransCanada’s main line.

At McNeil, Saskatchewan, where gas is transferred to the Northern Border Pipeline for shipment to the Chicago area, the daily flow rate was 2.05 billion cubic feet.

Available capacity on TransCanada’s British Columbia system at Kingsgate was 870 million cubic feet. The system was forecast to carry 1.78 billion cubic feet today, about 69 percent of its capacity of 2.65 billion.

The volume on Spectra Energy’s British Columbia system, which gathers the fuel in northeastern British Columbia for delivery to Vancouver and the Pacific Northwest, totaled 3.07 billion cubic feet at 2:05 p.m.

To contact the reporter on this story: Gene Laverty in Calgary at

To contact the editor responsible for this story: Dan Stets at

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