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Since Wednesday, January 7, natural gas spot prices have decreased at most market locations in the Lower 48 States outside of the Northeast region. For the week (Wednesday-Wednesday), prices at the Henry Hub decreased 89 cents or about 13 percent to $5.74 per MMBtu. Despite widespread declines elsewhere, prices in the Northeast region surged to more than seven times last week’s levels at some market locations as extreme wintry conditions moved into the region. Yesterday (January 14), the price of the NYMEX futures contract for February delivery at the Henry Hub settled at $6.387 per MMBtu, decreasing roughly 49 cents or 7 percent since last Wednesday. Natural gas in storage was 2,414 Bcf as of January 9, which is 8.3 percent above the 5-year average. The spot price for West Texas Intermediate (WTI) crude oil gained $1.05 per barrel or about 3 percent since last Wednesday, climbing to $34.62 per barrel or $5.969 per MMBtu.
respite from below-normal temperatures led to price declines in most market
locations outside the Northeast region, while an arctic blast entering the
Northeast contributed to soaring prices at nearly all market locations in the
region. Price declines since last
Wednesday, January 7, ranged between 42 and 90 cents at most market
locations. The largest price decreases
At the NYMEX, the price of the futures contract for February delivery at the Henry Hub increased about 49 cents or 7 percent since last Wednesday (January 7). Similarly, the price of the futures contract for March delivery at the Henry Hub declined about 20 cents per MMBtu or 3 percent. As in the spot markets, the price of the February contract is significantly higher than last year at this time. Yesterday, January 14, the February contract settled about $1.28 per MMBtu or 25 percent higher than last year’s level.
gas in storage was 2,414 Bcf as of
Other Market Trends:
Utilities Report Record Gas Use: Last week’s massive cold front in the Northeast led
to record natural gas consumption in several Northeast utility service areas.
On Friday, January 9, KeySpan Corporation’s
Moderating temperatures reduced natural gas demand in most parts of the country, contributing to lower spot prices at most market locations. However, prices surged in the Northeast as an arctic front moved into the region. Prices fell at the NYMEX futures market from last week’s level. Working gas in storage decreased to 2,414 Bcf, which is 8.3 percent above the 5-year average.
Natural Gas Summary from the Short-Term Energy Outlook
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