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Canadian gas may fall on outlook for warmer weather in US

Canadian gas may fall on outlook for warmer weather in US
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First Published: Wed, Mar 07 2007. 06 15 PM IST
Updated: Wed, Mar 07 2007. 06 15 PM IST
Calgary: Natural gas at Canada’s biggest trading point may fall on forecasts for an end to a spell of frigid weather. This has increased heating demand in central Canada and the US Midwest and Northeast.
Temperatures that have been as much as 20 degrees Fahrenheit below normal along the Eastern Seaboard of the US will give way to warmer weather by 11 March, MDA Federal Inc’s EarthSat Energy Weather said in a note on 6 March. Temperatures in New York will be 4 degrees above normal, EarthSat said.
On Calgary-based Natural Gas Exchange Inc’s NGX electronic energy market, spot gas at AECO, Canada’s largest trading hub, surged 19 cents, or 2.6% to C$7.45 per gigajoule ($6.68 million British thermal units).
Spot gas at AECO rose 10 cents to C$7.33 per gigajoule, according to data compiled by Bloomberg. Canada exports about 60% of its gas output to the US.
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First Published: Wed, Mar 07 2007. 06 15 PM IST