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ohio natural gas prices per ccf

Release time:2017-10-26

CLEVELAND, Ohio -- Natural gas prices are increasing. And that means consumers who buy gas on monthly variable contracts will pay more this month than they did last month or last January. Though still well below what prices were before the gas industry began to develop shale gas a decade ago, this winter's prices are reflecting the industry's lower production levels over the last several months as producing companies stopped drilling because prices were too low to cover costs or generate much of a profit. Those production cutbacks have also slightly reduced the amount of gas stored for winter use, though as of last week there were still 3.3 trillion feet in storage. And bouts of severely cold weather across much of the nation have contributed to wholesale price increases. On the plus side for consumers, the number of drilling rigs has been increasing weekly in recent months and contract prices for gas delivered through this winter are running below the typical January price.  How it works Here's how the situation breaks out right now for Dominion East Ohio and Columbia Gas of Ohio customers who participate in each company's monthly variable price program known as the Standard Choice Offer, or SCO. Dominion East Ohio customers who buy gas through the SCO will see a January price of $3.88 per 1,000 cubic feet, or 1 Mcf.  That's nearly 22 percent higher than the December SCO price of $3.18 per Mcf and more than 60 percent higher than the January 2016 price of $2.39 per Mcf. The company is projecting an average consumer bill of $107.94 for January, up about $32 from January 2016 average bills. The new Dominion $3.88 rate takes effect this Friday and runs through mid-February. The company said the January rates are comparable to the average January rate for the past five years of $3.811 per Mcf, meaning the January 2016 price was an outlier.  Dominion cited weather forecasts for below-average temperatures through mid-January and gas storage inventories slightly lower than what the industry had forecast as two reasons for the higher prices. Columbia Gas of Ohio's Standard Choice Offer price for January has already gone into effect, and it's nearly 15 percent higher than the December price. The Columbia January SCO price, which took effect on Dec. 30 and runs through Jan. 30,  is $0.53600 per 100 cubic feet, or 1 Ccf.  Columbia's December rate was $0.46620 per ccf. SCO rates reflect the monthly commodity prices set on the New York Mercantile Exchange, or NYMEX,  where gas is traded just like oil, gasoline, diesel, jet fuel and other commodity fuels. Consumers who use the SCO programs are buying gas from the least expensive suppliers who competed for that opportunity in state-monitored auctions held near the end of every winter. Columbia customers are paying consumer rates based on the monthly NYMEX plus an adder set in the annual auctions. Columbia adds $1.43 to the monthly closing NYMEX price for the amount of energy contained in roughly 1,000 cubic feet, or 1 Mcf. Because the company has always sold gas at rates per 100 cubic feet, or 1 ccf, that $1.43 "retail adder" becomes $0.143 per ccf. Columbia's January SCO price, for example, has been determined by adding $1.43 to the January NYMEX closing price of $3.93 per Mcf, making the retail price $5.36 per Mcf -- or $0.536 per Ccf. Dominion SCO customers are beneficiaries of eastern Ohio's shale gas boom because much of the gas delivered to them over Dominion's pipelines comes from within the state or nearby where an oversupply has driven prices well below national prices set by the NYMEX. Dominion's SCO suppliers have agreed to accept a consumer price set by subtracting five cents from the monthly NYMEX rate. For example, the NYMEX January rate was $3.93 per the amount of energy in roughly 1 Mcf. The Dominion SCO price is $3.88 per Mcf, or 5 cents below the NYMEX closing price. Looking forward Looking ahead to the rest of this winter, NYMEX monthly pricesare currently well below the $3.93 January price that was set at the end of December. Will there be wild price increases in the next couple of months? A look backward at NYMEX gas prices over the last decadeoffers some guidance. Is a fixed-price contract worth the effort? Fixed-price contracts offer a kind of built-in insurance policy against the kind of price spikes that once plagued the industry before shale gas. Comparing the monthly SCO price to the fixed-price contracts offered by many of the same companies who supply the SCO customers is no easy task.  The Public Utilities Commission of Ohio maintains an Apples-to-Apples websitewhich customers can use to compare current and past utility SCO prices with the fixed-price and variably price contracts offered directly to consumers. A look at the PUCO's current Dominion Apples-to-Applessite turns up a price as low as $3.60 per Mcf for 24 months to a high of $5.64 for 12 months and a variable monthly contract currently at $6.75 per Mcf.  Many of the fixed-price contracts include a fee of $50 to $100 for leaving the contract early. The Columbia Apples-to-Applesprices are just as varied, offering fixed prices as low as $0.4590 per Ccf for 12 months to as high as $0.7590 for 27 months. Variable monthly prices range from $0.3990 to $0.8990 per Ccf. The Northeast Ohio Public Energy Council, or NOPEC, offers a fixed "program price" currently set at $3.99 per Mcf for Dominion customers this month through Feb. 14, according to the NOPEC/NextEra Energy call center, though the NOPEC websitewill show $3.54 per Mcf until Friday. NOPEC's program price for consumers whose gas is delivered by Columbia is $0.4772 per Ccf through Jan. 30. A quarterly price is being negotiated. NOPEC also offers a monthly variable price guaranteed to be slightly less than the SCO price to a limited number of customers.


Natural Gas - Energy Choice Ohio - Ohio.gov
60 Records ... Columbia Gas of Ohio ... month-end settlement price, plus a retail price adjustment of $0.145 per ccf. ... Customers who have not actively chosen a natural gas supplier receive their ... CGO's current SCO rate is $0.44240 per ccf.


Natural Gas - Energy Choice Ohio - Ohio.gov
28 Records ... Vectren Energy Delivery of Ohio ... Mercantile Exchange month-end settlement price of natural gas, plus a retail price adjustment of $0.100 per ccf.


Ohio Natural Gas Prices - EIA
Natural Gas Prices. (Dollars per Thousand Cubic Feet, except where noted) ... Percentage of Total Residential Deliveries included in Prices ...


Columbia Gas of OhioPrice Plans |Ohio Natural Gas
If you choose our 6-Month Fixed price plan, you will be billed at a fixed price per Ccf for the length of your contract. This fixed price plan gives you the peace of ...


Rate Information – Columbia Gas of Ohio
Learn about the transportation rate information by using our comparison of the SCO and the CHOICE® Programs.


Record Low Natural Gas Prices Continue for Columbia Gas of Ohio...
Feb 8, 2016 ... A run of low monthly natural gas costs and residential bills will ... The February Standard Choice Offer (SCO) price is 35 cents per Ccf (100 ...


Standard Choice Offer – Columbia Gas of Ohio
Learn more about our Standard Choice Offer (SCO) rate for your natural gas service. ... We bill in Ccf (100 cubic feet), and so the SCO price is expressed in Ccf.


Dominion, Columbia natural gas standard prices increase this ...
Jan 10, 2017 ... CLEVELAND, Ohio -- Natural gas prices are increasing. And that ... 30, is $0.53600 per 100 cubic feet, or 1 Ccf. Columbia's December rate was ...


Apples to Apples Ohio - Learn about Energy Choice Ohio
Supply charges correspond to the cost of the energy you consume and are usually shown as the price per kilowatt-hour for electricity or Mcf or Ccf for natural gas ...


Natural Gas Pricing - NOPEC
Compare NOPEC's Gas Price Offers ... My Gas Provider ... Members have access to expert advice on energy conservation, can purchase energy saving products ...
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