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Home > Natural Gas > Natural Gas Weekly Update |
Overview: Since
Wednesday, January 28, natural gas spot prices have decreased at most market
locations in the Lower 48 States. For
the week (Wednesday-Wednesday), prices at the Henry Hub decreased 30 cents or
about 5 percent to $5.74 per MMBtu.
Yesterday (February 4), the price of the NYMEX futures contract for
February delivery at the Henry Hub settled at $5.654 per MMBtu, decreasing
roughly 9 cents or 1.5 percent since last Wednesday. Natural gas in storage was 1,827 Bcf as of January 30, which is
3.4 percent above the 5-year average.
The spot price for West Texas Intermediate (WTI) crude oil fell $0.57
per barrel, or about 1.5 percent, since last Wednesday, falling to $33.06 per
barrel or $5.70 per MMBtu. A
respite from below-normal temperatures led to price declines of at least 12
cents per MMBtu at virtually all market locations in the Lower 48 States since
last Wednesday, January 28. The
steepest declines occurred in the Northeast region, where prices fell more than
$1.54 per MMBtu at most markets. Prices
at the At
the NYMEX, the price of the futures contract for March delivery at the Henry
Hub decreased about 9 cents or 1.5 percent since last Wednesday, January 28, in
its first week as the near-month contract.
The prices of the futures contracts for delivery in the following 6
months remained within about 2 cents of last Wednesday’s level, with the April
contract posting an increase and the others falling. The Henry Hub spot price has traded at a premium to the futures
contract for March delivery, indicating that suppliers have economic incentives
to withdraw gas from storage. However,
with the warmer temperatures and the falling prices at the Henry Hub, the
magnitude of the premium diminished, falling from 41 cents per MMBtu on Friday,
January 30, to 9 cents per MMBtu on February 4.
Working
gas in storage was 1,827 Bcf as of Other
Market Trends: MMS Announces New Incentives for Natural Gas Production: The Minerals Management Service (MMS) on Summary: Moderating
temperatures reduced natural gas demand in most parts of the country,
contributing to lower spot prices at most market locations. Prices fell at the NYMEX futures market from
last week’s level. Working gas in
storage decreased to 1,827 Bcf, which is 3.4 percent above the 5-year
average. Natural Gas Summary from the
Short-Term Energy Outlook | ||||||||||||||||||||||||||||||||||||||||||
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